Prelios – formerly the real estate arm of the Pirelli Group - has refinanced credit lines totalling EUR 539 mln. The largest element involved extending a EUR 359 mln club facility with banks to December 2014 with amortization.

In addition, a EUR 160 mln credit line granted by Pirelli when Prelios separated from the group in October 2010 has been renewed to end-July 2017. The repayment will be in full.

Italian bank Intesa Sanpaolo also agreed to provide a new EUR 20 mln financing.

The refinancing package was agreed just before the deadline of 31 December, allowing the listed Italian real estate company to continue the process of repositioning itself as a 'pure management company'.

Prelios is scaling back from international markets and divesting assets in order to focus on the Italian market. In Italy Prelios is re-launching its asset management company and by progressively developing its management activities and specialized services for third parties.