Prelios Sgr Shareholders’ Meeting Held Today

Apr 28 2016

THE 2015 FINANCIAL STATEMENTS HAVE BEEN APPROVED:

REVENUES OF16.7 MILLION EURO

ASSETS UNDER MANAGEMENT REACH 3.8 BILLION EURO

RESIGNATION OF CHIEF EXECUTIVE OFFICER PAOLO SCORDINO

BOARD OF DIRECTORS EMPOWERING ANDREA CORNETTI AND SERGIO CAVALLINO

 

Milan, 28 April 2016 – The ordinary Shareholders’ Meeting of Prelios SGR, held today, approved the draft 2015 financial statements with the following results:

  • EBIT totalled 3.6 million Euro;
  • Revenues totalled 16.7 million Euro;

With 28 funds under management as at 31 December 2015, the assets under management of Prelios SGR now total approximately 3.8 billion Euro, recording an increase of 1.3 billion Euro over the last 24 months, which has more than offset the significant disposal of funds that had reached the end of their life cycle.

The implementation of the 2015-2017 three-year plan continues through the progressive creation of new products with little or no need to resort to financial leverage. In particular, during 2015 Prelios SGR concluded the liquidation of two funds and added four real estate funds for professional investors to its asset portfolio. Furthermore, it has also established three news funds, two of which are focused on social housing: Bernina Social Housing and Estia Social Housing. Furthermore, the Company launched the REstart fund project focused on the cash acquisition of real estate packages as a guarantee of problem loans.

 

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Paolo Scordino, Chief Executive Officer of Prelios SGR has resigned from his office for personal reasons that are not related to his professional activities. The Shareholders and the Board of Directors thank him for the activity he performed.

After the Shareholders’ Meeting, the Board of Directors met to review the responsibilities previously attributed to the CEO, empowering the management team, i.e. Andrea Cornetti (Chief Investment Officer) and Sergio Cavallino (Head of Operations & Finance), in order to ensure full operating and management continuity. Board of Directors, also, ordered the strengthening of the control and supervision role of the independent President, Alberto Rossetti.