- NAV OF EURO 227.810 PER UNIT; TOTAL NAV EURO 147.30 MLN[1]
Milan, 28 July 2016 – The Board of Directors of Prelios SGR, which met today, approved the management report as of 30 June 2016 of the “Tecla - Fondo Uffici”, an Italian listed closed-end real estate alternative investment fund.
The NAV (Net Asset Value) at 30 June 2016 is Euro 227.810 per unit (total NAV of Euro 147.30 million), compared to a value of Euro 232.820 per unit at 31 December 2015 (total NAV of Euro 150.54 million). The theoretical annual average return since listing until 30 June 2016 is therefore equal to 8.8%.
The distributable result of performance in the first half year of 2016, net of unrealised capital gains/losses, is negative and amounted to Euro 1.3 million.
In view of the expiry of the Fund's term on 31 December 2017, a resolution of the Board of Directors was passed on 6 July 2016 to initiate, with the support of the advisor Cushman & Wakefield, the competitive process for the block sale of the residual portfolio of the Fund, net of the real estate properties currently under preliminary sales contracts.
***
For more information about the management report as of 30 June 2016 for the listed “Tecla Fondo Uffici” fund, please refer to the financial notice that will be published on 29 July 2016 in the newspapers “Corriere della Sera” and “Il Sole 24 Ore”. The aforesaid management report and the relevant asset appraisal report of the Fund, drawn up by independent experts, will be available at the offices of Prelios SGR, of Borsa Italiana, of the Custodian Bank State Street Bank International GmbH - Italian branch, and on the websites www.preliossgr.com and www.fondotecla.com.
[1] Appraisal by the independent expert CBRE Valuation S.p.A..