Pirelli RE and Deutsche Bank fund set up real estate joint-venture (IT)

Pirelli & C Real Estate SpA said it reached an agreement with Deutsche Bank AG´s fund DB Real Estate Global Opportunities IB to set up a joint venture specialising in retail and entertainment property.

DB Real Estate Global Opportunities will have a 65 pct stake in the unit and Pirelli RE the remainder, it said.

The venture plans to invest over €1 billion in Italy in the acquisition of property assets and the development of new initiatives.

The venture will bid for the property assets and department store business of IFIL SpA affiliate´s Rinascente in a consortium formed with the Borletti family and Investitori Associati, it said.

Source: Freeman

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