Italy's Pirelli Real Estate will launch a capital increase of up to EUR 400 mln as part of its 2009-2011 industrial plan aimed at nearly doubling its profit margin over the next three years. Pirelli & Co, which controls over 55% of Pirelli Real Estate, said on Wednesday that it will underwrite Pirelli RE's capital hike for a quota corresponding to its interest in the business. The operation should be completed in the first half of the year, it said.
Italy's Pirelli Real Estate will launch a capital increase of up to EUR 400 mln as part of its 2009-2011 industrial plan aimed at nearly doubling its profit margin over the next three years. Pirelli & Co, which controls over 55% of Pirelli Real Estate, said on Wednesday that it will underwrite Pirelli RE's capital hike for a quota corresponding to its interest in the business. The operation should be completed in the first half of the year, it said.
In its 2008 preliminary results, Pirelli Real Estate said it expects to post pro-quota aggregate revenues of EUR 776 mln, down 25% on 2007's figures of EUR 1.044 bn.
