Pirelli RE wins deal to manage city of Turin's real estate |
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Fri, 21 Dec 2007 08:32
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MILAN (Thomson Financial) - Pirelli & C Real Estate SpA said it won a Dec 5 contract to manage the city of Turin's real estate, which has been transferred to a five-year fund which has just started operating.The city of Turin injected into the fund 18 properties worth 131 mln eur, or 34 mln net of non-recourse debt, and plans to transfer up to a further 300 mln over the next three years, it said in a statement late yesterday.Pirelli RE said it will invest 100 mln eur to restructure the properties, mainly into residential areas. The portfolio has a commercial area of 80,000 square meters.The city of Turin has 35 pct of the fund, Intesa Sanpaolo unit Finopi 29 pct, and Pirelli RE 36 pct.danilo.masoni@thomson.comdm/salCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Pirelli denies speculation of any extraordinary deal on Pirelli RE 