SPAZIO INVESTMENT N.V.

SPAZIO INVESTMENT N.V.

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Company Overview
Spazio Investment N.V. is a Dutch holding company whose business is to manage and supervise real estate businesses and companies and invest in units of real estate funds. With headquarters in Amsterdam, Netherlands, the company is a leading industrial real estate investment platform company and one of the largest portfolios in the Italian industrial real estate sector with a large proportion of long term high quality tenants, an attractive asset base that provides a stable source of rental revenues and potential upside through refurbishment, redevelopment or re-conversion opportunities at the end of the lease period.
Incorporated in November 2005, the company was established by Cypress Grove International LP (‘CGI’), a real estate private equity fund advised by Grove International Partners LLP and its affiliates (‘Grove’), and Pirelli & C. Real Estate S.p.A. (‘Pirelli RE’) to invest in the Italian industrial real estate market.
The company is indirectly owned by Pirelli & C. Real Estate S.p.A. and Cypress Grove International. E L.P and Cypress Grove International D L.P. who, together with their affiliates, have built a leading Italian industrial real estate platform combining income producing assets and significant development opportunities.
The company is externally managed by Pirelli RE Netherlands B.V., which is a wholly-owned subsidiary of Pirelli RE, the largest listed real estate company in Italy based on market capitalization.
Initially, Spazio Investment’s only assets is its direct 100% ownership of the Units of an Italian closed-end real estate fund called “Spazio Industriale” authorized and regulated by the Bank of Italy and managed by Pirelli & C. Real Estate Societа di Gestione del Risparmio S.p.A, a wholly owned subsidiary of Pirelli RE.
Spazio Investment NV through its 100% owned fund Spazio Industriale (“Spazio”) announces it has signed a framework agreement with Banca Agrileasing S.p.A. (“Banca Agrileasing”), the 5th largest Italian leasing institution, for the acquisition of a portfolio of distressed industrial assets predominantly located in northern Italy and owned by Banca Agrileasing.
Business Summary
The Company is a Dutch holding company whose business is to participate in, manage and supervise real estate businesses and companies and invest in real estate and in units of real estate funds.
Description and history
The Company is a Dutch holding company whose business is to participate in, manage and supervise real estate businesses and companies and invest in real estate and in units of real estate funds.

The Company is externally managed by Pirelli RE Netherlands B.V. (the “Corporate Manager”), which is a wholly-owned subsidiary of Pirelli RE, the largest listed real estate company in Italy based on market capitalisation at the date of this admission document. The Company will have an experienced Board of five directors, chaired by John Duggan, three of whom are independent. Initially, the Company’s only asset will be its direct 100% ownership of the Units of an Italian closed-end real estate fund authorised and regulated by the Bank of Italy (the “Fund”) and managed, as of Admission, by Pirelli & C. Real Estate Societ’a di Gestione del Risparmio S.p.A. (“Pirelli RE SGR” or the “Fund Manager”), a wholly owned subsidiary of Pirelli RE.

The Company will monitor the performance of the Fund Manager in executing the investment strategy as described in Part II and in managing the Fund’s investment and development properties and will approve the acquisition, redevelopment or disposal of individual properties or portfolios.

The Fund invests in the Italian industrial real estate market, with a particular focus on the light industrial and logistics sectors, through the acquisition of real estate portfolios as well as the construction, development and redevelopment of real estate assets.

The key elements of the Company’s investment strategy include:
– Enhance rental and capital growth through active portfolio management of the Fund’s income producing assets, including by way of refurbishment, redevelopment or reconversion activities at the end of the lease period.
– Achieve value-added capital appreciation by pursuing selected development opportunities in the Italian light industrial and logistics real estate sector.
– Pursue a disciplined acquisition strategy focused on income producing properties in the Italian light industrial and logistics real estate sector.
– Maintain a strong balance sheet through the use of appropriate financing strategies and debt levels.

On 8 June 2006 the Company merged with Spazio Industriale Investments II B.V. and Spazio Industriale Investments III B.V., the two fellow subsidiaries whose share capital is wholly owned by Spazio Industriale II B.V., both incorporated on 22 November 2005. The merger has taken effect since the date of incorporation.
On 16 December 2009 The Company was delisted.
Having carefully considered separate requests for a Cancellation from the Laxey Group and Pirelli RE and having reviewed the Company’s current position and consulted with The Company’s advisers, the Board has concluded that it is no longer in the Company’s best interests to maintain the admission to trading on AIM of the Shares. The key factors the Board has considered in recommending the Cancellation include:
The costs involved in maintaining The Company’s listing of Shares on AIM.
The considerable legal and regulatory burden involved in maintaining The Company’s admission to trading on AIM relative to the benefits to the Company.
Over 90 per cent. of the Shares are controlled by two Shareholders .

Established by Cypress Grove International LP (‘CGI’), a real estate private equity fund advised by Grove International Partners LLP and its affiliates (‘Grove’), and Pirelli & C. Real Estate S.P.A. (‘Pirelli RE’) to invest in the Italian industrial real estate market

Business Line
Dutch holding company whose business is to manage and supervise real estate businesses and companies and invest in units of real estate funds
Subsidiary
SPAZIO INDUSTRIALE – FONDO COMUNE DI INVESTIMENTO IMMOBILIARE DI TIPO CHIUSO
Advisor
PRICEWATERHOUSECOOPERS S.P.A.
IPO date
10/18/2006
US SIC Code
6519
Company Address
Royal Damcenter
Dam 7F
City province or state postal code
1012 JS, AMSTERDAM
Phone: +31 20 486 76 46
Fax: +31 20 486 78 98
Country address: NETHERLANDS
Website url: www.spazioinvestment.com