The Board of Directors of Prelios SGR S.p.A. (the "Asset Management Company") announces that the interim report as at 30 September 2017 of the fund "Tecla - Fondo Uffici" (the "Fund") was approved today.
During the reporting quarter, the following sales were made as part of the process of disposing of the Fund's residual property portfolio:
- as announced in the press release of 1 August 2017, the sale to a real-estate AIF managed by Savills Investment Management SGR S.p.A. of the properties located in Milan, Via Alserio no. 10 and Rome, Via del Serafico no. 200, for a total price of 77,500,000 Euro, net of VAT and ancillary charges (the "First Sale"). The price was paid in full to the Fund upon the finalisation of the sale of the properties, with the exception of the sum of 500,000 Euro, placed in escrow with the notary who drew up the deed of sale to secure various obligations assumed in connection with the sale. Most of the consideration for the sale has been used to repay the mortgage loan taken out by the Fund in accordance with the agreed terms;
- as announced in the press release of 29 September 2017, the sale to a real-estate AIF managed by IDeA Fimit SGR S.p.A. (now DeA Capital Real Estate SGR S.p.A.) of the properties located in Pozzuoli, Via Campi Flegrei no. 34; Vimodrone, Via delle Industrie no. 11; Turin, Via Bertola no. 34; Ivrea, Via Jervis no. 9; Rome, Via Chianesi no. 110 and Milan, Corso Garibaldi no. 99, for a total price of 69,900,000 Euro, net of VAT and ancillary charges (the "Second Sale"). Upon signing the purchase agreement, 29.600.000 Euro was paid to the Fund as a down payment on the purchase price and for the transfer of the properties located in Vimodrone, Turin, Ivrea and Rome. The transaction will also to involve the deposit by the Fund of 350,000 Euro into an escrow account held with the Fund's custodian to secure various obligations assumed in connection with the sale. For the properties located in Pozzuoli and Milan, the transfer is subject to completing the process connected to the possible exercise of pre-emptive rights held by certain individuals. These rights must be exercised within 60 days of the relative notice
As part of both of the above sales transactions, adequate insurance policies were subscribed in favour of the buyers to cover any risks connected to the state of the properties in fact and in law, so as to enable the orderly and timely completion of the Fund’s liquidation and avoid any potential capital losses for the latter.
As resolved by the Asset Management Company's Board of Directors, the Fund undertook the following partial proportional redemptions:
- following the finalisation of the First Sale, with value date on 17 August 2017, a partial proportional redemption of a total of 5,000,000 Euro (corresponding to 6.45% of the proceeds of the First Sale), or 7.73 Euro per unit;
- following the finalisation of the Second Sale, with value date on 11 October 2017, an additional partial proportional redemption of a total of 29,500,000 Euro (corresponding to 99.66% of the proceeds of the sale of the properties located in Vimodrone, Turin, Ivrea and Rome as part of the Second Sale), or 45.62 Euro per unit.
Considering the above partial proportional redemptions, since the placement date the Fund has undertaken total distributions (dividends and partial proportional redemptions) of 678.89 Euro per unit, equal to 134.43% of the capital initially subscribed during placement.
The interim report of Tecla Fondo Uffici will be available to the public at the offices of Prelios SGR, of Borsa Italiana, of the Custodian Bank State Street Bank International GmbH - Italy branch and at www.fondotecla.com.