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| Pirelli creates €1bn European property fund Italian property company Pirelli Real Estate announced its plans for the launch of its first property fund to invest in property across Europe. The fund will be dedicated to the office & retail sector. The project of the new opportunistic fund aims to raise approximately a target of €1 billion. Its launch will be accompanied by completion in the Retail sector of the acquisition of the Highstreet portfolio from Arcandor AG (formerly Karstadt Quelle AG) for €4.6 billion, and by the planned merger in the Residential sector with existing portfolios belonging to third parties. These actions, together with the start of a program of disposals for around €2 billion in assets, will help Pirelli RE to achieve its target of increasing Assets under Management from €13 billion to approximately €17 billion. The company has appointed Olivier De Poulpiquet to lead all of its fund raising and investment activities. De Poulpiquet has been at Pirelli since 2004. write your comments about the article :: © 2008 Construction News :: home page |