Italy's Pirelli RE has reached agreement with bank Intesa San Paolo to sell a stake of up to 10% in its property fund management business, Pirelli RE Società di Gestione del Risparmio (SGR). In a statement last week, Italy's largest property company said that the lender has already acquired 5% of the SGR for EUR 10 mln and has an option to acquire a further 5% in the company by the end of 2009.
Italy's Pirelli RE has reached agreement with bank Intesa San Paolo to sell a stake of up to 10% in its property fund management business, Pirelli RE Società di Gestione del Risparmio (SGR). In a statement last week, Italy's largest property company said that the lender has already acquired 5% of the SGR for EUR 10 mln and has an option to acquire a further 5% in the company by the end of 2009.
Pirelli RE said that the partnership with the bank is part of its strategy to increase the activities and the portfolio managed by the SGR and is in line with the group's target to increase profits from the real estate management business.
Pirelli RE SGR has assets under management of around EUR 5.7 bn across 18 real estate investment funds.
