Prelios, formerly Pirelli & Co Real Estate, has reported a loss of nearly EUR 30 mln in the first nine months of 2010, compared to a loss of EUR 58 mln in the same period a year before. The figure mostly reflects heavy writedowns on its portfolio, accounting for roughly EUR 26 mln.
Prelios, formerly Pirelli & Co Real Estate, has reported a loss of nearly EUR 30 mln in the first nine months of 2010, compared to a loss of EUR 58 mln in the same period a year before. The figure mostly reflects heavy writedowns on its portfolio, accounting for roughly EUR 26 mln.
In terms of operating results, earnings before interest and taxes (EBIT) amounted to EUR 25 mln in the first three quarters of 2010, compared to a loss of EUR 9 mln in the same period a year before. In particular EBIT from service activities generated over EUR 14 mln, compared to a loss of EUR 0.5 mln in 2009.
Prelios is targeting full-year EBIT from services activities of between EUR 20-30 mln as it seeks to reposition itself as a pure real estate services provider and asset manager for third parties.
The company is well on track to reach its target of EUR 1.3-1.5 bn of asset sales in 2010, having carried out around EUR 921 mln of disposals so far this year. Most of the sales were reported in Italy, which accounted for EUR 748 mln of the total.
Revenues rose by almost 6% reaching EUR 210 mln in 2010, from EUR 199 mln in 2009.
The November edition of PropertyEU Magazine published later this month features an analysis of the transformation of Pirelli Real Estate to Prelios. Click on the link below to subscribe.