Prelios is to spin off its real estate investment activities into a new special purpose vehicle.
The Milan-based firm will hold a majority stake in the new, Centauro entity. Intesa SanPaolo and Unicredit, as well as Pirelli, will take stakes in the new vehicle, which will hold β¬226m of non-core assets.
Prelios said the move will turn it into a βpure management companyβ.
A business plan for Prelios, lasting until 2017, has been approved by the firmβs board. The firm is aiming to increase revenues to β¬125m by 2017, from their current level of β¬75m.
Prelios began .
