Pirelli Real Estate, Italy's largest property manager, is in talks to buy an unnamed German company to increase its managed assets outside its home market. Ceo Carlo Puri Negri said on Thursday at a conference in Milan that the target is 'slightly bigger' than Deutsche Grundvermoegen (DGAG), which Pirelli RE took over last year for EUR 462 mln. Last March, Pirelli announced its foreign assets will increase in 2007 from 14% to 25% of the total assets under management.
Pirelli Real Estate, Italy's largest property manager, is in talks to buy an unnamed German company to increase its managed assets outside its home market. Ceo Carlo Puri Negri said on Thursday at a conference in Milan that the target is 'slightly bigger' than Deutsche Grundvermoegen (DGAG), which Pirelli RE took over last year for EUR 462 mln. Last March, Pirelli announced its foreign assets will increase in 2007 from 14% to 25% of the total assets under management.
Last year, net income rose 10% to EUR 160 mln from EUR 145 mln a year earlier. Net income growth will probably be 'close to double digits' in the first half of 2007, Puri Negri said without giving further details. The group aims to increase investment and assets under management from EUR 12.8 bn to EUR 15 bn in the coming twelve months.
