Spazio Investment, a Netherlands-based investment company targeting Italian industrial real estate assets, said its net profit reached EUR 101.8 mln during its first year as a publicly-listed company. 'The company is planning a strong acquisition programme in 2007 focusing on northern Italy,' Spazio's chairman John Duggan said Wednesday during a presentation of the company's full year 2006 results.
Spazio Investment, a Netherlands-based investment company targeting Italian industrial real estate assets, said its net profit reached EUR 101.8 mln during its first year as a publicly-listed company. 'The company is planning a strong acquisition programme in 2007 focusing on northern Italy,' Spazio's chairman John Duggan said Wednesday during a presentation of the company's full year 2006 results.
Revenues from rents came to EUR 41 mln last year. Spazio has a total of 255 assets, the majority of which are leased to tenants such asTelecom, Wind, Prada and Enel. Two of the assets are development projects, located in Milan and the Veneto region, and seven are former Enel sites to be converted. Spazio's net asset value increased 1.6% to EUR 432 mln since floating on the London stock market on October 18, 2005. It proposed a dividend of EUR 0.13 per share.
Spazio is a tax-efficient vehicle set up by Pirelli & Co Real Estate and private equity fund Cypress Grove International.