In line with the strategy to reposition itself as a pure management player, Italian listed firm Prelios said it is evaluating the spin off of its investment activities although no final decision has been taken.
In line with the strategy to reposition itself as a pure management player, Italian listed firm Prelios said it is evaluating the spin off of its investment activities although no final decision has been taken.
'Activities aimed at verifying the feasibility of a transaction for the spin-off of the investment activities and the service activities are continuing,' the Milan-based firm said in a statement.
Prelios has held several meetings about the operation, which is 'progressing successfully', it added during the first-quarter result announced in mid-May.
'Subject to the approval of the company's lending banks, Prelios is confident of finalising the agreements in a reasonable time, to be followed by [...] technical activities and operations, also including the transfer of business relating to the investment activity of a separate special purpose vehicle,' the company said.
The company halved its net losses in the first quarter of the year, reporting a loss of 鈧�6.1 mln versus a loss of 鈧�13.4 mln in the same period a year before.
Revenues from the management platform - Prelios' core business - dropped however to 鈧�13 mln from 鈧�16.9 mln in 2014, largely as a result of disposals and a fall in assets under management.
Earnings before Interest and Taxes from the management platform came in at a negative 鈧�3 mln compared to a loss of 鈧�1.6 mln in the same period a year earlier.
