Fondo Tecla: disposal of the remaining assets in the fund's property portfolio

Jul 18 2017

This press release is in relation to the disposal of the remaining assets in the property portfolio of the “Tecla – Fondo Uffici” fund (the “Tecla Fund”), and follows the press release of 29 June 2017, which informed the market that the Board of Directors of Prelios SGR S.p.A. (“SGR”) was considering the sale of the remaining properties still owned by the Tecla Fund, in two sub-portfolios, and that two offers had been submitted.

Specifically:

  1. a binding offer of purchase from an asset management company, on behalf of a property AIF already managed by said company, the shares of which are held by an international institutional investor of value-added profile, in relation to one portion of the remaining assets in the Tecla Fund (the “First Binding Offer”); and
  2. a non-binding offer of purchase from Focus Investments International B.V., in relation to the remaining properties in the Tecla Fund not subject to the First Binding Offer (the “Non-Binding Offer”).

In this context, we report that SRG has received a binding offer of purchase from Focus Investments International B.V. in relation to the remaining properties in the Tecla Fund subject to the Non-Binding Offer, (the “Second Binding Offer”).

We also report that at today’s meeting, SGR’s Board of Directors decided – following the favourable opinion of the Fund’s Advisory Committee and SGR’s Investment Committee – to accept the First Binding Offer and the Second Binding Offer. In this regard, we can specifically report that:

  1. the First Binding Offer was submitted by Savills Investment Management SGR S.p.A. on behalf of a property AIF managed by said company, which holds investment properties located in Milan, at Via Alserio no. 10, and in Rome, at Via del Serafico no. 200, for an overall price of 77,500,000 euros, net of VAT and incidental expenses. The final contract of sale is scheduled to be signed by 28 September 2017 
  1. The Second Binding Offer concerns the other 6 properties in the Tecla Fund’s remaining property portfolio (namely, the properties located in: Pozzuoli, at Via Campi Flegrei no. 34; Vimodrone, at Via delle Industrie no. 11; Turin, at Via Bertola no. 34; Ivrea, at Via Jervis no. 9; Rome, at Via Chianesi no. 110; and Milan, at Corso Garibaldi no. 99), for an overall price of 69,900,000 euros, net of VAT and incidental expenses. The purchaser has reserved the right to designate a third-party buyer of the property portfolio. Specifically, said third-party buyer will be a property AIF managed by a major asset management company, the units of which will be held by an investment vehicle jointly owned by Focus Investments International B.V., Intesa Sanpaolo S.p.A. and Agave Investments Holding S.àr.l.

The final contract of sale is scheduled to be signed by 29 September. As regards the properties located in Pozzuoli and Milan, the transfer thereof is subject to the completion of procedures linked to any preferential rights that may be exercised by entitled parties.

Prelios SGR shall report to the market any future developments in the process to dispose of the remaining assets in the Tecla Fund’s property portfolio. All useful information is published on the dedicated website www.fondotecla.com.