REPORTS ON OPERATIONS AT 30 JUNE 2012 APPROVED FOR THE LISTED FUND

Jul 24 2012

TECLA FONDO UFFICI

 

  • AVERAGE ANNUAL YIELD SINCE PLACEMENT 11.3% WITH RESPECT TO THE TARGET OF 5.5%
  • NAV 359.6 EUROS PER SHARE; TOTAL NAV 232.5 MILLION EUROS (+20.4% WITH RESPECT TO RESIDUAL INVESTED CAPITAL OF 193.1 MILLION EUROS

OLINDA FONDO SHOPS

  • AVERAGE ANNUAL YIELD SINCE PLACEMENT 5.8% WITH RESPECT TO THE TARGET OF 5.5%
  • PARTIAL REIMBURSEMENT OF CAPITAL OF 9.58 EUROS PER SHARE (FOR A TOTAL OF 5 MILLION EUROS
  • NAV (GROSS OF THE PAYOUTS DECIDED TODAY) 481.7 EUROS PER SHARE; TOTAL NAV 251.5 MILLION EUROS (+15.4% WITH RESPECT TO RESIDUAL INVESTED CAPITAL AMOUNTING TO 217.9 MILLION EUROS

Milan, 24 July 2012 – The Board of Directors of Prelios SGR, met today to approve the reports on operations at 30 June 2012 of its listed seeded real estate funds.

Tecla Fondo Uffici Report

For the Fund, placed at the beginning of March 2004, the distributable operating profit in the first six months of 2012 amounted to approximately 3.2 million euros, net of the unrealized capital gains.

It should be noted that during the six month period the Fund sold one property, for a total value of 3.95 million euros, with a gross capital gain of 0.9 million euros.

The Board decided not to proceed with the reimbursement of capital or the payout of proceeds, on account of the forthcoming reimbursement obligations provided for in the loan agreement.

Since its placement the Fund has achieved an average annual yield of 11.3%, with respect to the target of 5.5%.

The NAV is 359.6 euros per share, with a premium of 78.4% with respect to the Stock Exchange price at the end of June (201.6 euros per share on 29 June); the total NAV of the Fund is 232.5 million euros (+20.4% with respect to the residual invested capital, amounting to 193.1 million euros). At 30 June 2012 the value of the appraisal, performed by the independent expert Patrigest S.p.A. for the 23 properties in the Tecla fund portfolio, amounted to approximately 432.4 million euros. The value of the properties at the time of the report, in relation to the effect of the recent update of the sales plan and taking into account the residual duration of the fund, amounted to 425 million euros.

Olinda Fondo Shops Repor

For the Fund, placed at the beginning of December 2004, the distributable operating profit in the first six months of 2012 amounted to -27.8 million euros, net of the capital gains not realized.

The Fund did not sell property in the six-month period referred to.

The ordinary operating profit is positive for 3.4 million euros but due to the capital loss caused mainly by the update of the property valuations, it is not possible to proceed with any payout of proceeds.

Since its placement the Fund has achieved an average annual yield of 5.8%, with respect to the target of 5.5%.

The Board of Directors decided a reimbursement of invested capital for approximately 5 million euros, 9.58 euros per share1.

The NAV is 481.7 euros per share, gross of the reimbursement of 9.58 euros per share of deliberated capital and not yet distributed, with a premium of 296.5% with respect to the Stock Exchange price at the end of June (121.5 euros per share on 29 June). The total NAV of the Fund is 251.5 million euros (+15.4% with respect to the residual invested capital of 217.9 million euros); the total NAV net of the capital reimbursement decided today amounts to 246.5 million euros. At 30 June 2012 the value of the appraisal, performed by the independent expert Scenari Immobiliari S.r.l. for the 28 properties in the Olinda fund portfolio, amounted to approximately 486.0 million euros. The value of the properties at the time of the report, in relation to the effect of the recent update of the sales plan and taking into account the residual duration of the fund, amounted to 470.8 million euros.

The Olinda Fondo Shops share will be traded ex-coupon from 13 August 2012. Payment will be made with value date 17 August 2012.

 

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If the market's current reduced capacity for absorption continues, the Management Company cannot exclude that the divestment strategies of the aforementioned funds could be reviewed, also relating to their expiry on 31 December 2014.
 

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For further information about the reports on operations at 30 June 2012 of the listed Tecla and Olinda funds please refer to the financial notices that will be published in the “Corriere della Sera” and “Il Sole 24 Ore” daily newspapers on 25 July 2012. The aforementioned reports on operations and the respective fund asset appraisal reports prepared by the independent experts will be available from the offices of Prelios SGR, Borsa Italiana (the Milan Stock Exchange), State Street Bank S.p.A. depositary bank. (including the branches in the regional capitals) and on the websites www.preliossgr.com, www.fondotecla.com and www.fondo-olinda.com.
 


1The capital reimbursement refers to equity freed by realized sales in previous periods and not distributed