Italy's Pirelli Real Estate denied media rumours on Tuesday that the Milan-based property giant plans to demerge its real estate funds and sell them in a major restructuring of its activities. The company was responding to an article in Italian newspaper La Repubblica which reported that the company was mulling the sale of part of its fund assets as part of a planned capital increase.
Italy's Pirelli Real Estate denied media rumours on Tuesday that the Milan-based property giant plans to demerge its real estate funds and sell them in a major restructuring of its activities. The company was responding to an article in Italian newspaper La Repubblica which reported that the company was mulling the sale of part of its fund assets as part of a planned capital increase.
'With regard to rumours published today by certain media about possible solutions under study in order to sustain Pirelli & C.in the context of the proposed capital increase for Pirelli RE, which would foresee the scission and then sale of real estate funds in the Pirelli RE Group, Pirelli RE, for its part, categorically denies that there are any such transactions under review, or even any such hypotheses,' the company said in a statement.
According to banking sources cited by La Repubblica, the company is studying the sale of part of its funds to insurance group Assicurazioni Generali.
Earlier this year Pirelli RE announced a major restructuring of its business, including a capital increase of up to EUR 400 mln.
