Executive Summary
Spazio Investment NV, incorporated on 22 November 2005, is a Dutch holding company whose business is to participate in, manage and supervise real estate businesses and companies and invest in real estate and units of real estate funds. The Company is an investing company under Rule 8 of the AIM Rules. The Company is currently indirectly owned by Pirelli & C. Real Estate S.p.A. (\Pirelli RE\) and Cypress Grove International. E L.P. and Cypress Grove International. D L.P. (together \Cypress Grove\) who, together with their affiliates, have built a leading Italian industrial real estate platform combining income producing assets and significant development opportunities. The Company will be externally managed by Pirelli RE Netherlands B.V. (the \Corporate Manager\), which is a wholly-owned subsidiary of Pirelli RE, the largest listed real estate company in Italy based on market capitalisation. The Company will have an experienced board of five directors, chaired by John Duggan, three of whom, including the chairman, 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 authorised and regulated by the Bank of Italy (the \Fund\) and managed, as of the date of admission to AIM (\Admission\), by Pirelli & C. Real Estate Societa di Gestione del Risparmio S.p.A. (the \Fund Manager\) a wholly owned subsidiary of Pirelli RE. The Company's Investment Strategy is to seek to deliver stable returns by leveraging the Fund's leading position in the Italian light industrial and logistics real estate sector to expand by capitalising on the increasing opportunities in the growing Italian industrial real estate market. The key elements of the Company's investment strategy are the following: * Enhanced rental and capital growth through active portfolio management of the Fund's income producing assets; * 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 strong balance sheet through the use of appropriate financing strategies and debt levels. The real estate assets included in the Portfolio are located in Italy and a majority of the Portfolio will consist of income producing rental properties with long term quality tenants. The Portfolio also includes conversion properties and two well positioned development projects.
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