PIRELLI RE: PROPERTY LEASED TO TELECOM ITALIA IN MILAN AT PIAZZA AFFARI, 2 SALES TO TISHMAN SPEYER

Mar 22 2007
Price sensitive
The company Tiglio II, held 50.53% by the joint venture between Morgan Stanley Real Estate Funds (MSREF) (75%) and Pirelli RE (25%) and 49.47% by Telecom Italia, announces that the tender for the sale of the office space located in Milan at Piazza Affari, 2 has been completed and has been awarded to the Tishman Speyer fund for €82.2 million, with an entry yield of 3.5%. The tender was managed by Pirelli RE Agency, Pirelli RE Group company specialized in real estate consulting and brokerage activities, as part of the mandate for the management of valorization processes and the sales of Tiglio II’s properties.