The Company
Spazio Investment N.V., incorporated on 22 November 2005, is a Dutch holding company whose business is to manage and supervise real estate businesses and companies and invest in units of real estate funds. The Company is, prior to giving effect to this IPO, indirectly owned by Pirelli & C. Real Estate S.p.A. and Cypress Grove International. E L.P. and Cypress Grove International. D L.P. who, together with their affiliates, have built a leading Italian industrial real estate platform combining income producing assets and significant development opportunities.
The Company is externally managed by Pirelli RE Netherlands B.V., which is a wholly-owned subsidiary of Pirelli RE, the largest listed real estate company in Italy based on market capitalization. The Company has an experienced Board of five directors, chaired by John Duggan, three of whom are independent.
Initially, the Company’s only asset will be its direct 100% ownership of the Units of an Italian closed-end real estate fund called "spazio industriale" authorized and regulated by the Bank of Italy and managed by Pirelli & C. Real Estate Società di Gestione del Risparmio S.p.A. a wholly owned subsidiary of Pirelli RE. The Company will monitor the performance of the Fund Manager in executing the investment strategy and in managing the Fund’s investment and development properties. According to the Fund’s rules the Company has appointed an Advisory Committee which is entitled to express a binding opinion on, inter alia, the acquisition, redevelopment or disposal of individual properties or portfolios of the Fund.
The Competitive strengths:
The Company believes that it is well positioned to take advantage of its principal competitive strengths, including:
The key elements of the Company’s investment strategy include:
Spazio Investment N.V., incorporated on 22 November 2005, is a Dutch holding company whose business is to manage and supervise real estate businesses and companies and invest in units of real estate funds. The Company is, prior to giving effect to this IPO, indirectly owned by Pirelli & C. Real Estate S.p.A. and Cypress Grove International. E L.P. and Cypress Grove International. D L.P. who, together with their affiliates, have built a leading Italian industrial real estate platform combining income producing assets and significant development opportunities.
The Company is externally managed by Pirelli RE Netherlands B.V., which is a wholly-owned subsidiary of Pirelli RE, the largest listed real estate company in Italy based on market capitalization. The Company has an experienced Board of five directors, chaired by John Duggan, three of whom are independent.
Initially, the Company’s only asset will be its direct 100% ownership of the Units of an Italian closed-end real estate fund called "spazio industriale" authorized and regulated by the Bank of Italy and managed by Pirelli & C. Real Estate Società di Gestione del Risparmio S.p.A. a wholly owned subsidiary of Pirelli RE. The Company will monitor the performance of the Fund Manager in executing the investment strategy and in managing the Fund’s investment and development properties. According to the Fund’s rules the Company has appointed an Advisory Committee which is entitled to express a binding opinion on, inter alia, the acquisition, redevelopment or disposal of individual properties or portfolios of the Fund.
The Competitive strengths:
The Company believes that it is well positioned to take advantage of its principal competitive strengths, including:
- One of the largest portfolios in the Italian industrial real estate sector with a large proportion of long term high quality tenants, an attractive asset base that provides a stable source of rental revenues and potential upside through refurbishment, redevelopment or reconversion opportunities at the end of the lease period.
- Pirelli RE, the parent company of the Fund Manager and the Corporate Manager, is, at the date of this admission document, the largest real estate company in Italy based on market capitalization with a proven track record in managing Italian real estate funds.
- The Fund Manager has significant local market knowledge and access to future opportunities
The key elements of the Company’s investment strategy include:
- Enhance rental and capital growth through active portfolio management of the Fund’s income producing assets, including by way of refurbishment, redevelopment or reconversion activities at the end of the lease period.
- Achieve value-added capital appreciation by pursuing selected development opportunities in the Italian light industrial and logistics real estate sector.
- Pursue a disciplined acquisition strategy focused on income producing properties in the Italian light industrial and logistics real estate sector
- Maintain a strong balance sheet through the use of appropriate financing strategies and debt levels.
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