Listed Italian property group Prelios plans to transfer its investment activities, including co-investments, into a separate special purpose vehicle as part of its goal of focusing on its asset management and service business.
Listed Italian property group Prelios plans to transfer its investment activities, including co-investments, into a separate special purpose vehicle as part of its goal of focusing on its asset management and service business.
The move, approved by the company’s board on 6 August, will see the transfer of the business, which has a book net asset value of around €226 mln, plus €150 mln in net debt, to the SPV.
The SPV, called Centaurus, will initially controlled by Prelios and subsequently deconsolidated from the group.
Prelios said the spin-off will accelerate its strategy of repositioning the company as a pure management company. The group is targeting €75-80 mln in revenues from the management and service platform in 2015, rising to €100-105 mln in 2016 and €120-125 mln in 2017.
The operation will also include a debt rescheduling agreement between Prelios and its lending banks.
Prelios is being advised on the move by Lazard and by Studio Legale Chiomenti on the legal side.
