Pirelli Re Board Of Directors Approves Launch Of First European Opportunistic Contribution Fund (Fund Raising) For Investment In Office And Retail Property In Countries Where Group Is Already Present

Milan/Hamburg, (PresseBox) - The Board of Directors met today in extraordinary session to authorize the launch of the Project for European opportunistic contribution funds. The first fund will be dedicated to the office & retail sector. In the same session, the Board also approved the Group's new organizational structure.

The creation of the first European opportunistic contribution fund, focusing on countries in which Pirelli RE is already present, will allow the company to increase the assets under its management, and to provide investors interested in the current process of consolidation within the European real estate industry with the services of a team with recognized management expertise. In fact, Pirelli RE is not only leader in the Italian real estate market but also has a direct presence in Europe with its own Asset Management and Services organizations after expanding into Germany and Eastern Europe.

The project of the new opportunistic fund aims to raise approximately a target of €1 billion. Its launch will be accompanied by completion in the Retail sector of the acquisition of the Highstreet portfolio from Arcandor AG (formerly Karstadt Quelle AG) for €4.6 billion, and by the planned merger in the Residential sector with existing portfolios belonging to third parties. These actions, together with the start of a program of disposals for around €2 billion in assets, will help the Company to achieve its target of increasing Assets under Management from €13 billion to approximately €17 billion.

Given the importance of this project, Olivier De Poulpiquet has been charged today with responsibility for all Investment & Fund Raising activities: Olivier De Poulpiquet has been with Pirelli RE since 2004, before which he held various management positions in Morgan Stanley, first in the Investment Banking Division, then in real estate fund raising & investment and lastly as Executive Manager and Co-head of the "European Real Estate Investment Group".

For the purposes of ensuring continuity in this organizational simplification, the Board of Directors has also decided to give powers to two internal managers: Paolo Bottelli, formerly Deputy General Manager Services, has thus been appointed as General Manager Asset Management & Services Residential with responsibility for the entire Residential sector and for the associated specialized Services, while continuing to act as the head of the Property and Agency businesses; Rodolfo Petrosino, formerly Deputy General Manager Acquisition & Asset Management Office, has been appointed as General Manager Asset Management & Services Commercial, with responsibility for the entire Commercial sector and functionally for the associated Services.

Massimiliano Bertolino, Central Director of the Company, has been confirmed at the head of the Non Performing Loans Asset Management & Services sector.

Responsibility for head office functions remains the same as before.

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