Pirelli RE interested in Rinascente´s property assets (IT)

Pirelli & C Real Estate SpA chief executive Carlo Puri Negri said the group is interested in the property assets of IFIL SpA´s affiliate Rinascente SpA, which controls the La Rinascente and UPIM stores.

The group could bid for Rinascente in a consortium with a private equity fund, Puri Negri told a news conference.

He added that the group has to present a first offer by Nov 24.

Giulio Malfatto, chief executive of the group´s asset management business, said the group´s property unit trusts are expected to manage 4 bln eur worth of assets by the end of the year.

Last week, IFIL agreed to sell its almost 50 pct stake in Societa Italiana Distribuzione Moderna SpA, a company grouping the food, home improvement and property assets of the retailer Rinascente SpA, to the French group Auchan for 1.063 bln eur.

The group also plans to sell the remainder of the Rinascente group, which comprises La Rinascente department stores and UPIM outlets, by the end of the first quarter of next year.

Source: Freeman

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