Prelios Sgr Approves The Management Report As At 31 December 2016

Feb 28 2017

ACTIVITIES TO TRANSFER THE REMAINING PROPERTY PORTFOLIO CONTINUE


• TOTAL NAV EURO 53.5 MILLION
• PRO-QUOTA NAV EURO 82.682


Milan, 28 February 2017 – Today’s meeting of the Board of Directors of Prelios SGR S.p.A. approved the Management Report as at 31 December 2016 for the listed property fund Tecla – Fondo Uffici.

Pro-quota NAV stands at Euro 82.682. The result of operations for the Fund over the entire period, net of unrealized capital gains/losses, is a negative figure of Euro 89.235 million.

Activities to transfer the remaining property portfolio continue. As already notified on 30 January 2017, within the framework of the competitive procedure launched for this purpose, the Board of Directors of Prelios SGR had analysed the conditional purchasing bids and reserved the right to carry out further checks and in-depth analyses.

Following the checks and in-depth analyses of the conditional purchasing bids received, without prejudice to other initiatives in the interests of Fund participants, on 9 February 2017, the Board of Directors of Prelios SGR voted to continue negotiations with the international institutional investor with value added profile which submitted a conditional bid for the remaining property held by the fund, for a total price of Euro 125,000,000, net of VAT and supplementary charges.

Given the interest shown in the meantime by another party in the form of a non-binding bid for the purchase of the remaining property portfolio held by the Fund, today the Board of Directors of Prelios SGR voted to continue negotiations with both potential buyers in order to maximize the price for the disposal of the remaining property portfolio.

From the date of placement of the Fund units until 31 December 2016, 70.8% of property assets have been sold, calculated on the contribution value. The remaining portfolio of the Fund currently comprises 8 properties, throughout Italy.

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For further information and details on the Management Report as at 31 December 2016 for the listed fund Tecla – Fondo Uffici see the financial notice to be published on 1 March 2017 in the newspapers “Corriere della Sera” and “Il Sole 24 Ore”. The above Management Report and estimate report of fund assets drawn up by independent experts can be consulted at the headquarters of Prelios SGR, the Italian Stock Exchange and the Depositary Bank State Street Bank International GmbH – Italian branch, as well as on the website www.fondotecla.com.

Today’s meeting of the Board of Directors of Prelios SGR S.p.A. approved the Management Report as at 31 December 2016 for the listed property fund Tecla – Fondo Uffici.

Pro-quota NAV stands at Euro 82.682. The result of operations for the Fund over the entire period, net of unrealized capital gains/losses, is a negative figure of Euro 89.235 million.

Activities to transfer the remaining property portfolio continue. As already notified on 30 January 2017, within the framework of the competitive procedure launched for this purpose, the Board of Directors of Prelios SGR had analysed the conditional purchasing bids and reserved the right to carry out further checks and in-depth analyses.

Following the checks and in-depth analyses of the conditional purchasing bids received, without prejudice to other initiatives in the interests of Fund participants, on 9 February 2017, the Board of Directors of Prelios SGR voted to continue negotiations with the international institutional investor with value added profile which submitted a conditional bid for the remaining property held by the fund, for a total price of Euro 125,000,000, net of VAT and supplementary charges.

Given the interest shown in the meantime by another party in the form of a non-binding bid for the purchase of the remaining property portfolio held by the Fund, today the Board of Directors of Prelios SGR voted to continue negotiations with both potential buyers in order to maximize the price for the disposal of the remaining property portfolio.

From the date of placement of the Fund units until 31 December 2016, 70.8% of property assets have been sold, calculated on the contribution value. The remaining portfolio of the Fund currently comprises 8 properties, throughout Italy.

For further information and details on the Management Report as at 31 December 2016 for the listed fund Tecla – Fondo Uffici see the financial notice to be published on 1 March 2017 in the newspapers “Corriere della Sera” and “Il Sole 24 Ore”. The above Management Report and estimate report of fund assets drawn up by independent experts can be consulted at the headquarters of Prelios SGR, the Italian Stock Exchange and the Depositary Bank State Street Bank International GmbH – Italian branch, as well as on the website www.fondotecla.com.