Pirelli & C Real Estate SpA´s offering of shares in its Olinda fund of retail real estate will run from Nov 10 to Dec 6, it said in a statement on publication of the fund prospectus. The fund will own 42 properties valued at a total of more than € 562 mln, a figure which will rise to € 740 mln with the addition of two entertainment centres in Milan and Turin, it said.
The seven-year fund is valued at 261 mln eur after applying a 16 pct
discount to the market value of the real estate, and net of debt, it said.
The offer will involve sale of up 496,002 shares, representing 95 pct of the fund´s shares, at a price of between € 500-510, it said.
The remaining 5 pct will be held by Pirelli RE´s asset management unit Pirelli RE SGR, it said.
The final price price will be fixed within two days of the offer close, it said.
Banca Intesa SpA unit Banca Caboto will be the coordinator of the offer, it said.