Marketpress News of Wednesday, July 4, 2007
THE JOINT VENTURE PIRELLI RE (35%) -RREEF/GRUPPO DEUTSCHE BANK (65%) WON A PORTFOLIO OF 29 PROPERTIES ENPAM; value of € 305 M
Milan July 4, 2007 - The joint venture Pirelli RE (35%) - RREEF Global Opportunities Fund II (65%), an investment fund managed by Deutsche Bank, has won the tender launched by ENPAM, National Welfare and Assistance of Physicians and Dentists, for a portfolio of 29 properties in mixed-use, for a value of EUR 305 million. The closing will take place in autumn with the support of the portfolio to fund speculative real estate Social & Public Initiatives, managed by Pirelli RE Opportunities SGR. The shares of the Fund will be fully subscribed by the joint venture Pirelli RE (35%) - RREEF (65%). ENPAM goes on to say in the exploitation of its property portfolio through the instrument of contribution to real estate funds, which allow
maximize the value of the sale
and speed up the sale process.
Please note that the institution started this process in July 2005 with the transfer of 19 properties for residential use Diomira fund managed by Pirelli RE Opportunities SGR. The portfolio includes properties with different uses, mainly retail and offices, located primarily in Lombardy, in the province of Milan, and Tuscany in an area of \u200b\u200babout 226. 000 sq m, in addition to a building site in the Milan area of \u200b\u200babout 37. 000 sqm. Among the assets, some premium properties located in the center of Milan - Via Manzoni, which - as well as in localized areas within the Greater Milan, who have an interesting potential for conversion. The strategy provides for the use of the portfolio is actively managed through significant development work and implementation of major regeneration schemes of some properties and by taking actions to improve profitability through the leasing of space currently vacant, with the aim of reducing the rate vacancy of approximately 54%.
far this year, the Pirelli RE-RREEF joint venture has completed three acquisitions in the Italian and German for a total of more than EUR 1.6 billion.
With this transaction, Pirelli Re confirms the standard references for social security institutions in the enhancement of their property (estimated market value of over € 20 billion), together partner to high profile international re finance.
The joint venture has been assisted by acting as legal advisor and Bonelli Erede Pappalardo Studio Legale Chiomenti and CB Richard Ellis Professional Services as independent experts. For ENPAM, Colliers Elitrade has acted as Advisor and Study of NCTM legal counsel. . .
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