Reserved speculative funds, set up under Ministerial Decree 228 of 1999, target speculative institutional investors and, as such, are permitted to operate without the risk limits applicable to ordinary funds with regard to debt and investment requirements.
Pirelli RE SGR now manages 11 speculative funds:
Pirelli RE SGR now manages 11 speculative funds:
| (i) | “Diomira – Fondo Residenziale – Fondo comune di investimento immobiliare speculativo di tipo chiuso”: a mixed cash/seeded fund specialized in residential trading with properties seeded by ENPAM – Ente Nazionale di Previdenza ed Assistenza dei Medici e degli Odontoiatri (National Pension Fund for Doctors and Dentists) - and contributed by BPU Banca, for accredited Italian and foreign investors. |
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| (ii) | "Portafogli Misti – Fondo comune di investimento immobiliare speculativo di tipo chiuso": set up with mainly tertiary property originating from a leading Italian bank, and targeting Italian and foreign institutional investors. |
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| (iii) | "Fondo Immobiliare Città di Torino": set up through the contribution of property, previously used as municipal offices, and placed with Italian and foreign investors. |
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| (iv) |
"Progetti Residenza – Fondo comune di investimento immobiliare speculativo di tipo chiuso": set up through the purchase of a site to be developed for residential purposes. |
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| (v) | "Pirelli Re Fund Raissa – Fondo comune di investimento immobiliare speculativo di tipo chiuso": set up through the contribution of office/industrial buildings by the Telecom Italia Group. |
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| (vi) | "Patrimonio Uffici – Fondo comune di investimento immobiliare speculativo di tipo chiuso": set up through the contribution of office property by the Pirelli RE/Morgan Stanley Real Estate Fund IV joint venture and targeting Italian and foreign institutional investors. |
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| (vii) | "Fondo Social & Public Initiatives": set up through the contribution of property by ENPAM (Ente Nazionale di Previdenza ed Assistenza dei Medici e degli Odontoiatri - National Social Security and Pensions Institution for Doctors and Orthodontists) and placed with Italian and foreign investors. |
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| (viii) | "Hospitality & Leisure – Fondo comune di investimento immobiliare speculativo di tipo chiuso": devoted to investments in the hotel-tourism sector, it owns 4 holiday villages run by Valtur (in Marilleva, Pila, Nicotera and Ostuni). |
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| (ix) | "Retail & Entertainment – Fondo comune di investimento immobiliare speculativo di tipo chiuso": set up through the contribution of commercial property let to Rinascente and Upim and placed with Italian and foreign institutional investors. |
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| (x) | "Progetto Uffici – Fondo comune di investimento immobiliare speculativo di tipo chiuso": set up through the contribution of office property and targeting Italian institutional investors. |
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| (xi) | "Fondo Vivaldi": set up by contributing a site in Rho formerly belonging to the CAM Group, and placed with Italian investors. |