Pirelli RE to change its name to Prelios

The board of Pirelli & C. Real Estate propose changing the company's name to Prelios. The name change will be put forward to the next shareholders' meeting and will take effect following the finalisation of the separation of Pirelli RE from the Pirelli & C group.

Pirelli RE said that the name change will reflect the start of the a new phase for the company, focused around the idea of sustainability. 'The new name was conceived as a blend of the company's roots and its vision of the future,' it said.

Pirelli group announced in early May that it planned to assign its 58% stake in Pirelli & C Real Estate to its own shareholders following shareholder approval expected at end-July. The deal, which should close this year and is supported by the company's banks, will take place through a voluntary reduction of Pirelli & C.'s capital for an amount equal to the value of the Pirelli RE stake being assigned.

Pirelli & C. Real Estate have appointed Enrico Parazzini to the position of new managing director finance following the resignation of Claudio De Conto.

'The experience and expertise of Enrico Parazzini, who will be joining top management to work alongside Chief Executive Giulio Malfatto, will ensure continuity in Pirelli RE's financial management and the necessary support in the implementation of the business plan', the company said.