Having completed the action taken to dispose of the residual real estate portfolio of the "Tecla - Fondo Uffici" fund (the "Fund"), as mentioned in the press release of 6 December last, Prelios SGR S.p.A. (“SGR”) announces that, today – during the course of the accounting transactions carried out for the final liquidation of the Fund and in consideration of the commitments made in relation to the contractually stipulated representations and warranties – SGR’s Board of Directors decided that a partial refund is to be issued to the Fund’s investors, with an overall value of 25.0 million euros, or 38.66 euros per unit. The payment date for this transaction will be 9 January 2018, and payment will be made via Monte Titoli S.p.A..
Eligible investors who verify their eligibility via authorised intermediaries will be entitled to receive this refund.
Following said partial refund, as of the placement date, the Fund will have distributed income and made pro rata partial refunds representing 717.55 euros per unit, or 142.1% of the capital initially paid up by investors. In consideration of the distributions carried out and the expected amount of the final overall refund, which will only be determined after the administrative-accounting procedure for the Fund’s liquidation has been completed, the compound weighted average annual gross return (IRR), as of the placement date, can today be estimated at approximately 7% for the Fund’s investors.
SGR is therefore proceeding with the accounting transactions necessary for the Fund’s final liquidation, according to the timescale provided for by the Fund’s management regulation and in line with the commitments made to purchasers upon the sale of the residual real estate portfolio, as already reported to the market in recent months. The distribution of the final refund to eligible investors will take place with a value date of no later than the thirtieth day following the completion of the aforementioned transactions, which must be completed within sixty days from the end of the Fund’s life.
We also report that the units of the Fund will be deleted from the listing in Borsa Italiana S.p.A.’s MIV (Market for investment vehicles) market (ISIN IT0003554349 - cod. QFTEC); in accordance with the provisions of the Borsa Italiana S.p.A. Instructions, the last day of trading for units of the Fund will be 27 December 2017, with the relative contracts being executed on 29 December 2017.
SGR shall ensure that it reports to the market with regard to all future developments in the Fund liquidation process. All useful information is published on the dedicated website www.fondotecla.com.