Pirelli RE SGR Board Approves Half-Year reports as of 30 june 2006

Meeting of the Board of Directors of Pirelli RE SGR has approved the half-year reports as of 30 June 2006 of the listed closed-end real estate investment funds, Tecla Office Fund, Olinda Shop Fund and Berenice Office Fund, and of the closed-end institutional real estate investment funds, Cloe Office Fund, Diomira Residential Fund, Raissa Office Fund, Teodora Office Fund and Clarice Light Industrial.