Alony Hetz buys Pirelli Real Estate stake

Alony Hetz IsraelProperty and Investments has bought 1.6 million shares of Pirelli & C. Real Estate SpA (Milan:PCRE) for €64 million (NIS 365 million), amounting to 3.7% of the company’s share capital. The purchase makes Alony Hetz a party at interest in the Italian company. Pirelli & C. Real Estate is a subsidiary of Pirelli & C. SpA (Milan:PRS), which owns 52.3% of the company. Under Italian law, a shareholder with more than 2% of a company’s share capital is defined as a party at interest. Pirelli Real Estate has a market cap of €1.7 billion. The company is Italy’s largest real estate management company, with €14.5 billion in assets, 86% of which are in Italy, and 70% of which are commercial properties. The company also provides consultancy, broker and financial services, loans, and is a contractor for developers.