The Board of Directors met today in extraordinary session to authorize the launch of the Project for European opportunistic contribution funds. The first fund will be dedicated to the office & retail sector. In the same session, the Board also approved the Group's new organizational structure.
The creation of the first European opportunistic contribution fund, focusing on countries in which Pirelli RE is already present, will allow the company to increase the assets under its management, and to provide investors interested in the current process of consolidation within the European real estate industry with the services of a team with recognized management expertise. In fact, Pirelli RE is not only leader in the Italian real estate market but also has a direct presence in Europe with its own Asset Management and Services organizations after expanding into Germany and Eastern Europe.
The project of the new opportunistic fund aims to raise approximately a target of