Pirelli In Real Estate Business

Pirelli’s real estate business unit, UniCredito Italiano SpA and Morgan Stanley have founded a real estate joint venture. The partnership will manage real estate with a total value of more than a billion euros, UniCredito said on Friday. UniCredito will sell real estate worth 300 million euros to the joint venture, while Pirelli and Morgan Stanley will transfer 750 million euros of assets to the joint venture. Together the two companies will control 85 per cent of the shares. UniCredito will hold the remaining 15 per cent.