PRELIOS SGR AND THE PROVINCE OF CREMONA ESTABLISH THE REAL ESTATE FUND

  • FUND INITIAL VALUE: 40 MLN/€
  • PORTFOLIO INCLUDES 13 TROPHY ASSETS OWNED BY THE PROVINCE

AFTER FONDO CITTÀ DI TORINO AND FIPRS, ERIDANO IS THE THIRD PUBLIC-PRIVATE FUND ESTABLISHED AND MANAGED BY PRELIOS SGR

Milan, 17 January 2013 - Prelios SGR established Eridano, a private fund with public properties contributed by the Province of Cremona, that will hold 100% of the fund units.

Eridano - which is the ancient name of River Po touching the city of Cremona - has been established in order to allow the Province to improve its operating and non-operating properties. In the future, the fund will also become a reference fund for the implementation of further projects of rationalisation and divestment of real estate assets involving also adjacent local entities.

The Fund initial OMV equals 40 mln/€, partly through contribution of properties by the Province of Cremona against the issue of fund units, and partly through purchase and sale of assets by loan transactions. The Fund Net Asset Value (NAV) is equal to nearly 31 mln/€.

The asset portfolio of Fund Eridano is composed of 13 properties and includes trophy assets (like the Province headquarters, the renowned Palazzo Tinti Pallavicino Clavello), some of which are currently leased to the Province, while others are leased to third parties or are vacant.

The duration of Fund Eridano is 15 years.

Eridano is the third fund set up through contribution of state-owned properties and managed by Prelios SGR. Actually, in 2007 the SGR established two public-private funds: FCT, Fondo Città di Torino, an important example of improvement of municipality properties, and FIPRS (Fondo Immobiliare Pubblico Regione Siciliana), which last year received from IPD (Investment Property Databank) a prize for its performance in the "Italian specialised fund" class.