Italian real estate services group Prelios said it posted a net loss of EUR 95 mln in the course of last year, mostly as a result of over EUR 77 mln in property writedowns and EUR 21 mln of restructuring costs. The figure compares to a loss of EUR 104 mln in 2009.

Earnings Before Interest and Taxes (EBIT) returned to positive territory in 2010 after two years of losses. EBIT came in at EUR 41 mln last year, a significant improvement on the loss of EUR 7 mln reported in 2009.

The Milan-based listed group sold over EUR 1.6 bn of real estate assets in the course of 2010, up from EUR 1 bn in 2009 and surpassing its target of EUR 1.5 bn of asset sales for the year.

The company is targeting a positive net income in 2011, with a focus on simplifying further its business model and concentrating on management for third parties. In line with the company's new strategy to become a 'pure' services group, Prelios is aiming for strong growth in its real estate asset management activities for third parties which are expected to represent 50% of total assets by 2013, from 10% at present.

In 2011, Prelios is targeting real estate sales of EUR 1.5 bn, with the aim of reducing debt further to around EUR 200 mln by 2013.