Yesterday the BOD of Prelios launched the spinoff of the investment activity, i.e. the separation of business activities related to investment and co-investments from real estate service activities (asset and fund management, integrated real estate services, brokerage services and valuations, credit servicing).
The investment is then spun off and transferred to a separate business unit (a corporate vehicle newly formed) named Centauro. The shareholding of Centauro includes UniCredit, Intesa SanPaolo, Pirelli and, with a minority stake, the same Prelios, with consequent deconsolidation of Centauro from Prelios.
Thanks to the spinoff of investments and their contribution in Centauro, Prelios focuses even more on activities related to real estate services in anticipation of its strategic repositioning in pure management company; moreover a better net financial position and and a cash flows no more at service of the debt will give the company greater access to new credit for seizing the development opportunities offered by the market and to achieve a better perception on it.
In the framework of the Transaction, the repurchase of the 100% equity investment in the subsidiary Prelios SGR is also envisaged through the repurchase of the residual 10% equity investment in the SGR currently owned by Intesa Sanpaolo.