Pirelli RE (35%) - RREEF/Deutsche Bank Group (65%) joint venture signs master agreemeent Enpam

Price sensitive
After winning the bid for the portfolio of 29 Enpamproperties announced on June 28th, 2007, the joint venture between Pirelli RE (35%)and RREEF Global Opportunities Fund II (65%) (Deutsche Bank Group) signedtoday the master agreement with Fondazione Enpam-Ente Nazionale di Previdenza eAssistenza dei Medici e Odontoiatri (the National Welfare and Pensions Institution forDoctors and Orthodontists) which involves: 1) conferring the portfolio of mixed-useproperties worth approximately €305 million on Social & Public Initiatives, aspeculative real estate fund managed by Pirelli RE Opportunities SGR, and 2) thejoint venture buying the units in the fund itself.
The transaction is due to close in the autumn, at the end of the term for exercising anylegal pre-emptions on the properties.