Italians AIM for successful float

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Pirelli & C. Real Estate's SpA's Spazio Industriale Investments I BV is to list on London's Alternative Investment Market in a move aimed solely at institutional investors.

"The Italian industrial real estate market is currently the second-largest in Europe in terms of physical space, second only to Germany," Spazio says.

"The market is growing due to the restructuring of the Italian industrial economy, the increasing importance of the outsourcing business and the lack of new, high-quality and flexible supply."

Spazio, - to be renamed Spazio Investment NV - is an investment company established by Cypress Grove International and Pirelli RE to invest in the Italian industrial real estate market. Cypress Grove has 65% and Pirelli has 35%.

Its investments are carried out through closed-end real estate fund Fondo Spazio Industriale.

The company and its investments are externally managed by Pirelli RE, the largest listed Italian real estate company with around `6.3bn under management.

Spazio has around 450 income-producing assets covering some 870,000 square meters - along with almost 400,000 square meters of developments.

The proceeds of the new shares will be used to finance new acquisitions, part of which are already committed, as well as to finance the future growth of the portfolio both in income-producing and development assets.

Credit Suisse and Deutsche Bank are acting as joint global co-ordinators and joint bookrunners for the offering.

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