MILAN, May 8 (Reuters) - Italy's Pirelli & C Real Estate (PCRE.MI: Quote, Profile, Research) joined other European real estate companies in reporting lower quarterly results on Thursday, blaming a weak property market in light of the credit crisis.
It said it expected the market to improve in the second half of the year, and reiterated its forecast for a flat operating profit for all of 2008.
Pirelli RE also announced plans to streamline its operations, raise money for a new fund, and increase the amount of assets under management, by acquisition if necessary.
