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 was, prior to its IPO, indirectly owned by Pirelli & C. Real Estate S.p.A., 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.
Since 18 Ocober 2006 the Company was listed on the AIM market of the London Stock Exchange. Share price at IPO date was Euro 12.50 per share.
On 19 June 2009 the Laxey Group launched, through its wholly owned subsidiary Terra European Investment B.V., a cash offer for 100% of the ordinary shares of Spazio not already owned by the Laxey Group, for a total consideration of Euro 4.50 per share. A couple of weeks later the offer was increased to Euro 5.125 per share. On 27 July 2009 Terra European Investment B.V. announced that it received acceptances from a total of 9,749,986 Spazio Ordinary Shares and that Laxey Partners owned or controlled Spazio ordinary Shares representing 71.4% of the issued share capital of Spazio Investment and that the offer was closed.
Following a resolution of an Extraordinary General Meeting of Shareholders held in Amsterdam on 3 December 2009 with effect from 16 December 2009 the Company was de-listed from AIM market and not listed in any other market. Share price at de-listing date was Euro 5.90 per share.
The Management
The Company has an experienced Board Directors, chaired by Mr. Andrew Shepherd, appointed by Terra European Investment B.V. since 3 December, 2009.
The Company is externally managed by Pirelli RE Netherlands B.V., which is a wholly-owned subsidiary of Pirelli RE, one of the largest listed real estate company in Italy based on market capitalization.
The Company currently owns 100% 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 business 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 one of 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 investment and divestment opportunities.
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 was, prior to its IPO, indirectly owned by Pirelli & C. Real Estate S.p.A., 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.
Since 18 Ocober 2006 the Company was listed on the AIM market of the London Stock Exchange. Share price at IPO date was Euro 12.50 per share.
On 19 June 2009 the Laxey Group launched, through its wholly owned subsidiary Terra European Investment B.V., a cash offer for 100% of the ordinary shares of Spazio not already owned by the Laxey Group, for a total consideration of Euro 4.50 per share. A couple of weeks later the offer was increased to Euro 5.125 per share. On 27 July 2009 Terra European Investment B.V. announced that it received acceptances from a total of 9,749,986 Spazio Ordinary Shares and that Laxey Partners owned or controlled Spazio ordinary Shares representing 71.4% of the issued share capital of Spazio Investment and that the offer was closed.
Following a resolution of an Extraordinary General Meeting of Shareholders held in Amsterdam on 3 December 2009 with effect from 16 December 2009 the Company was de-listed from AIM market and not listed in any other market. Share price at de-listing date was Euro 5.90 per share.
The Management
The Company has an experienced Board Directors, chaired by Mr. Andrew Shepherd, appointed by Terra European Investment B.V. since 3 December, 2009.
The Company is externally managed by Pirelli RE Netherlands B.V., which is a wholly-owned subsidiary of Pirelli RE, one of the largest listed real estate company in Italy based on market capitalization.
The Company currently owns 100% 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 business 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 one of 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 investment and divestment opportunities.
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