Pirelli Real Estate and Morgan Stanley launch real estate venture

ItalyÂ's Pirelli & C Real Estate and Morgan Stanley Real Estate Funds announced the launch of a joint venture designed to hold the property assets of the Telecom Italia-Olivetti group. Tiglio I and Tiglio II, the two portfolios of the joint venture, would be 75 percent owned by Morgan Stanley and 25 percent owned by Pirelli Real Estate and would look after the assets of Pirelli, Olivetti, Telecom Italia and Seat Pagine Gialle.

The Telecom Italia group in a statement said it had transferred about EUR 1.59 bln worth of real estate assets to the joint venture and the transfer would bring it gains of around EUR 495 mln.

(source: Reuters)

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