Italian property giant Pirelli Real Estate said on Tuesday that its board of directors has approved the launch of the firm's first European real estate fund. The new fund aims to raise EUR 1bn from investors, but Pirelli did not specify when fundraising efforts are due to begin. The fund will target investments in the office and retail sectors in countries where the Italian firm is already active - Italy, Germany and Eastern Europe.
Italian property giant Pirelli Real Estate said on Tuesday that its board of directors has approved the launch of the firm's first European real estate fund. The new fund aims to raise EUR 1bn from investors, but Pirelli did not specify when fundraising efforts are due to begin. The fund will target investments in the office and retail sectors in countries where the Italian firm is already active - Italy, Germany and Eastern Europe.
Pirelli said it expects asset under management to grow from EUR 13bn at present to EUR 17bn by the end of 2008 as a result of the new fund, the finalisation of the Highstreet retail acquisition and the planned merger of its residential assets with existing portfolios owned by third parties. A EUR 2bn property disposal plan will also be put in place this year, it added.
Given the importance of this project, the company said it has also made general manager Olivier de Poulpiquet responsible for all the Investment & Fund Raising acitivities.
