Wednesday, July 18, 2007

Pirelli RE sets up joint ventures with Unicredito in Romania, Bulgaria

MILAN (Thomson Financial) - Pirelli & C Real Estate SpA said it has set a joint venture with Unicredit Tiriac Bank of the Unicredito group to develop asset management services and invest in real estate projects in Romania.

In the venture, Pirelli RE Romania, Pirelli RE will have an 80 pct stake and Unicredit Tiriac Bank the remainder.

Pirelli RE added that it expects to sign a similar joint venture agreement with Unicredito's Bulgarian unit Unicredit Bulbank tomorrow.

In the Bulgarian joint venture, Pirelli RE Bulgaria, Pirelli RE will have a 75 pct stake and Unicredit Bulbank 25 pct.

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