Pirelli Real Estate has said it carried out EUR 530mln worth of property sales in the first half of 2008. The group's share came to EUR 208mln, or 39%. The gross margin comes to EUR 109mln (21%), of which EUR 44mln pertains to Pirelli RE.
Pirelli Real Estate has said it carried out EUR 530mln worth of property sales in the first half of 2008. The group's share came to EUR 208mln, or 39%. The gross margin comes to EUR 109mln (21%), of which EUR 44mln pertains to Pirelli RE.
Pirelli RE's business model puts a lot of emphasis on joint ventures. The group's affiliates accounted for EUR 231mln of the sales, while EUR 298mln was sold by the funds managed by Pirelli RE and Pirelli RE Opportunities.
Pirelli's affiliates also recouped EUR 235mln in non-performing loans; Pirelli's share was EUR 67mln.
