PRELIOS WILL BE THE EUROPEAN SERVICE REFERENCE GROUP
- FOCUS ON PROPERTY AND ASSET MANAGEMENT IN ITALY AND ABROAD
- GRADUAL DISPOSAL OF CO-INVESTMENT ASSETS
Milan, 3 December 2012 – The Board of Directors of Prelios S.p.A., that held its meeting on today’s date, appointed Director Sergio Iasi as Company Chief Executive Officer.
After holding top management positions in the telecom industry, Iasi gained a very significant expertise in the real estate asset management and service sector, in fact in his capacity as CEO he also managed business relaunch projects in major real estate companies. His curriculum vitae is published on the Company website.
Following to the appointment of the new CEO, Enrico Parazzini left his position of Finance Managing Director and was appointed as Prelios Deputy Chairman, with the mandate to follow the development of the transaction aimed at the Group financial reorganization and business relaunch, as envisaged under the Memorandum of Understanding entered into between the Company and Feidos S.p.A. and disclosed on 13 November 2012.
In today’s Board meeting, the CEO, Sergio Iasi, shared the Group 2013-2016 plan guidelines, relating to operations only (unlevered) and already discussed at the past Board Meeting of 13 November. It should be noted that the approval of the complete Strategic Plan, also relating to the financial and equity component (levered), will be made in a next Board meeting, also considering the development of the envisaged extraordinary transaction. In this respect, reference should be made to the press release dated 13 November 2012.
In summary, the guidelines referred to above set the objective for the Company to become in a few years time a European group of reference in the real estate and financial services industry, by:
- Focusing on property management and services for real estate and bank assets to third party investors, both in Italy and in Germany;
- Gradually disposing co-investment assets, with the purpose to gradually reduce the equity exposure;
- Further structural cost cutting, with specific reference to the parent company, and increasing resources available to operating companies.
Within the framework of the envisaged extraordinary transaction, the Company plan - the Group guidelines of which have been summarised above - will be certified by an independent appraiser pursuant to art. 67, paragraph 3, letter d), of the Italian Royal Decree n. 267/1942.