With reference to the divestment of the residual property portfolio of the fund "Tecla - Fondo Uffici" ("Fund"), as a follow-up to the press release of July 17, 2017, Prelios SGR S.p.A. ("SGR") announces that it finalised today the sale of its properties located in Milan, Via Alserio No. 10 and Rome, Via del Serafico No. 200, to a property AIF managed by Savills Investment Management SGR.
The total sale price was €77,500,000, net of VAT and incidental expenses. The full consideration was paid to the Fund on the completion of the sale of the properties, with the exception of €500,000, which were deposited in escrow at the notary drafting the sale deed, as security for some commitments taken as part of the sale.
As part of the sale transaction, the Fund also took out an insurance policy in favour of the buyer, against the risk related to the actual conditions and legal status of the properties, to allow the orderly and timely completion of the liquidation of the Fund and avoid potential contingencies that might have an impact on the latter.
Most of the sale consideration will be used to repay the mortgage loan taken out by the Fund and currently outstanding.
In compliance with the resolution of the Board of Directors of the SGR, following the completion of the sale and taking into account the administrative requirements of the Fund and the repayment of the mortgage loan, a partial proportional repayment will be carried out, for a total of €5 million (corresponding to 6.45% of the proceeds of said sale), equal to €7.73 per unit.
The units of the Fund will trade ex-coupon starting from 14 August 2017 and the payment will take place with value date set at 17 August 2017, through the intermediaries admitted to the centralised management system of Monte Titoli S.p.A.
As a result of this partial refund, from the time of its placement, the Fund will have distributed profits and carried out repayments of €633.27 per unit, equal to 125.4% of the capital originally paid by investors.
Prelios SGR shall report to the market any future developments in the process to dispose of the remaining assets in the Tecla Fund’s property portfolio. All relevant information can be found on the dedicated website www.fondotecla.com.