Pirelli RE (35%) - RREEF/Deutsche Bank Group (65%) joint venture signs master agreemeent Enpam

After winning the bid for the portfolio of 29 Enpam properties announced on June 28th, 2007, the joint venture between Pirelli RE (35%) and RREEF Global Opportunities Fund II (65%) (Deutsche Bank Group) signed today the master agreement with Fondazione Enpam-Ente Nazionale di Previdenza e Assistenza dei Medici e Odontoiatri (the National Welfare and Pensions Institution for Doctors and Orthodontists) which involves: 1) conferring the portfolio of mixed-use properties worth approximately €305 million on Social & Public Initiatives, a speculative real estate fund managed by Pirelli RE Opportunities SGR, and 2) the joint venture buying the units in the fund itself.
The transaction is due to close in the autumn, at the end of the term for exercising any legal pre-emptions on the properties.