Price sensitive
On the basis of the agreements already announced in earlyAugust and following Morgan Stanley Real Estate Funds (MESREF)’s strategic decisionto divest from NPLs portfolios in Western Europe and not to make further investments inthat business in that area, the JV formed in August 2004 between Pirelli RE (25%) andMorgan Stanley Real Estate Funds (75%) to invest in the NPL business in the Italianmarket was dissolved. Both companies continue their strategic partnership in the Italianoffice segment.