Olinda Fondo Shops: assets disposal announced on 10 July 2014 closed

Dec 16 2014

Milan, 16 December 2014 – Prelios SGR informs that today the disposal of the residual assets of Olinda – Fondo Shops (a real estate fund listed in Italy) has been perfected in favour of “Reitaly”, a real estate fund managed by AXA REIM S.G.R. S.p.A., pursuant to the Sale Agreement entered into and announced on 10 July 2014.

 

As anticipated in the press release of 26 November 2014, the  total proceeds of the disposition of Olinda fund’s residual assets are equal to Euro 295 million (subject to the adjustment as specified below which could be notified by the purchaser within 45 days).

 

The Euro 295 million include: (i) Euro 282.4 million for the sale of the fund’s assets to Reitaly closed today; (ii) Euro 3.5 million for the disposal to the same purchaser of 100% of the shares of Olinda Centers S.r.l. (this amount may be adjusted by approximately Euro -0.9 million); and (iii) Euro 9.14 million for the separate sales of one entire property located in Reggio Emilia (Euro 1.5 million) and a portion of a real estate complex located in Vergiate (for a value of Euro 7.64 million, the closing of which will be completed by the year end) to their respective tenants which have exercised their pre-emptive right.

 

The aforementioned separate sales of the assets are made at the same price offered by the purchasers of all the residual asset portfolio and, consequently, their execution shall not have any impact on the total proceeds from the sale of the Olinda fund’s residual assets and on the reimbursements for investors.

 

As announced, thank to this closing Prelios SGR is completing the process for the disposition of Olinda – Fondo Shops investments by the fund expiry date of 31 December 2014 (included).

 

With respect to the net sale proceeds and on account of the representations and warranties made in the Sale Agreement, Prelios SGR confirms that a first reimbursement of at least Euro 85.00 per unit will be made to Fund’s investors by 15 February 2015, following the approval of the annual report at 31 December 2014.

 

The overall final reimbursement, would be finalized only after completion of the administrative and accounting procedures for the Fund’s winding-up, upon approval of the winding-up final report pursuant to the Fund Rules, also considering any indemnification obligations under the Sale Agreement. For more detailed information, reference should be made to the press release of 26 November 2014.

 

The Fund units will be cancelled from the listing on the MIV segment of Borsa Italiana S.p.A. (ISIN IT0003740039 - cod. QFOLI). In accordance with the instructions of Borsa Italiana S.p.A., the last trading day of the Fund units will be 29 December 2014, and the trades made on such date shall be settled on 31 December 2014.

 

Investors accredited with authorized intermediaries will be entitled to dividend distribution.