Our 3-year target is to maintain an overall €15bn portfolio, selectively reshaped
The strategic guidelines and goals for the next 3 years: 2009 – 2011
- Return to the original business model of “fund & asset management company” from the “merchant banking / private equity company”, valorizing the distinct capabilities of real estate asset management and services
- Reduction of the traditional co-investment percentage
- Concentration on the Italian market
-Focus on Fund Management (SGR) as the core activity, in a market where Pirelli RE is the leader
- Acquisition of assets under management both through organic growth of the industry as well as consolidation activities
- Increasing long-term percentage share of recurring income by renouncing to the short-term gain resulting from selling of a minority stake in the SGR
- Revitalization of Agency and Property services to support both the focus on recurring revenues as well as the announced sales targets
- Focus on increased organizational efficiencies across the entire platform and in all activities
3 years plan: what is confirmed and what changed
CONFIRMED:
- Total target real estate assets disposal
- Reduction of net capital invested in the NPLs business
- Completion of 2008 restructuring plan
- Economic results as of 2011
CHANGED:
- Cancellation of the sale of 30% of the SGR and of the services of Property and Agency, with impact on 2009
- Implementation of an additional restructuring plan, with savings objectives in labor costs of approximately 10% as well as target reductions of other costs of the structure
- Search of partners in Germany and Poland both for the investment activities as well as services platform
- Target of maintaining the overall assets under management substantially at the same level; increase of the assets under management in Italy compared to Germany
- Increasing recurring results from the services platform to compensate in 2011 possible minor capital gain results
UNDER STRATEGIC VALUATION:
- Franchising network
- Opportunity of outsourcing for 150 FTEs