Prelios – one of the main Italian operators active in real estate in Italy, Germany and Poland, listed on the Italian Stock Exchange since 2002 – at the request of Consob confirms that it has received in the month of July some preliminary expressions of interest in relation to possible extraordinary transactions by Italian investors (a consortium made up of former number one Fimit, Massimo Caputi, and the Merloni family) and foreign (U.S. group Fortress). Prelios big sweep in Business Plaza, the day before the deadline for bids on tidying the company. Vnerdì the title at the end of the trading day showed a +22.36% to 0.0963 euros per share to 13.30 with exchanges that have totaled 22.3 million units.
Fortress would be interested to participate through a reserved capital increase, to be subscribed to 50% in cash and the rest through asset transfer. The consortium Caputi / Merloni would be willing to pay 150 mln.Tenuto account of the discussion is still ongoing, the conditions of extraordinary course has not been established and therefore it is not possible at this stage, to obtain any information about the structure of the operation. Expressions of interest will be submitted to the Board of Directors scheduled tomorrow Tuesday, Aug. 28. Prelios, which is consolidating its repositioning in “pure management company”, enhances and manages real estate portfolios on behalf of third party investors, through a distinctive model is based on the specialized real estate services (agency, property and project management) and services related to the management of non-performing loans (Credit Servicing) and management activities (Fund & Asset Management).
In the past, Prelios assumed predominantly minority interests in investment initiatives it manages (Real Estate and Non-Performing Loans), with the aim of seizing the opportunity to re-evaluation, and today, as a result of the new strategy will aim for a model manager pure, the company pursues a progressive reduction of capital due to the increase in assets under management for third parties. The total assets under management today (cd Asset under management or AUM) totaled approximately $ 12.4 billion (market value). Of these, the real estate reaches 11.2 billion, while the remainder (1.2 billion) is made up of non-performing loans (management and out of court for the recovery of non-performing loans on behalf of banks and investors). With regard to the geographical distribution of real estate assets, 5.4 billion euros in Italy, mainly in form of real estate funds (approximately € 4.7 billion mainly through 22 real estate funds) by the subsidiary Prelios SGR, among the major operators the domestic market.
The remainder of the portfolio is located in Germany (5.6 billion) and Poland (0.1 billion euros in development projects). Prelios can count on nearly 1,000 professionals in Italy and abroad.
