Italy's Pirelli Real Estate and Intesa Sanpaolo have sold their stakes in Pirelli RE Integrated Facility Management (PREIFM), a 50/50 joint venture in facility and project management, to the Italian group Manutencoop FM. The companies signed a preliminary agreement in early November 2008. Pirelli RE and Intesa said they have agreed on a sale price of EUR 270 mln, of which EUR 137.5 mln is in equity.
As Ares completed a €325 mln French logistics acquisition from Blackstone, another French portfolio came onto the market.
