Pirelli & C Real Estate is forming a joint venture with Pekao Development with the intention of investing in the Polish property market. Pekao Development is a subsidiary of Bank Pekao, the majority shareholder of which is Unicredito Italiano.
The deal is likely to be finalized by the end of this year, but this has been delayed by Unicredito's planned merger with HVB AG. Pirelli RE's intention is to invest in the CEE area, starting with the Polish market. The Italian firm has already completed a similar deal with German company Kronberg, forming P&K Real Estate with the aim of operating on the German real estate market.