Prelios is to spin off its real estate investment activities into a new special purpose vehicle.

The Milan-based firm will hold a majority stake in the new, Centauro entity. Intesa SanPaolo and Unicredit, as well as Pirelli, will take stakes in the new vehicle, which will hold €226m of non-core assets.

Prelios said the move will turn it into a “pure management company”.

A business plan for Prelios, lasting until 2017, has been approved by the firm’s board. The firm is aiming to increase revenues to €125m by 2017, from their current level of €75m.

Prelios began restructuring its operations in 2013