TECLA FONDO UFFICI: SALE OF MILAN PROPERTY FETCHES € 28,880,000

Apr 20 2006

Tecla Fondo Uffici, a real-estate contribution-type mutual fund managed by Pirelli RE SGR, with an MTF stock-exchange listing as of March 2004, has sold a property in Milan.

The property, at Via Caviglia 11, was sold to Sireo Immobilienfonds No. 4 Milano Via Caviglia S.r.l. (a company fully owned by Fondo Tedesco Sireo Immobilienfonds n.4 SICAV) for a sum of EUR 28,880,000, which represents a capitalisation rate in respect of the annual rent of 6.6%. The gross capital gain for the fund is EUR 5,900,000.