Fiat sells property and invests in high class brands

Fiat is planning to sell property totaling EUR 602 mil in order to provide capital for investing in its higher class brands.

Fiat holds 3,5% of its own shares and it also owns , 2,5 percent in CNV Industriala which produces tractors and trucks. The company will sell stakes to American investors, Sergio Marchionne, the first man in Fiat, confirmed, Seebiz portal reports.

In the next five years, Fiat Crysler is planning to more than double profit and increase annual deliveries by 61%. These objectives will be supported by an investment of EUR 55 billion in boost of Maserati and Alfa Romeo as well as Jeep.

The company hopes that this move will be support to rank at the Wall Street listing which should happen in the first half of October.