Total Net Assets Value amounts to Euro 553,153,108
As of 30 June 2007 the Fund reported a return of 12.21% when compared with 30 June 2006
The book value of the unit comes to Euro 3,457.207
The Board of Directors of Pioneer Investment Management SGRpA, which met today, approved the Interim Report of the Real Estate closed-end Fund "UniCredito Immobiliare Uno".
Total net assets of the Fund came to Euro 553,153,108 euro (Euro 547,197,083 as of 31 December 2006). The value of the unit, in other words the total net asset value as of 30 June 2007 on the number of units in circulation, corresponds to Euro 3,457.207 (Euro 3,419.982 as of 31 December 2006). This value takes into account the income of Euro 110 per unit distributed in March 2007. The stock market value as of 29 June 2007 came to Euro 2,529.00 per unit, involving a markdown of 27% when compared with the book value (the markdown of the value of the unit as of 31 December 2006 came to 35%).
The variation which can be observed in the total value of the Fund and in the value of the stock with respect to the corresponding values of the previous period, is essentially given by the growth of the value of the fund's assets and to the revenues made by the cash flow management.
The result of the period is equal to Euro 23,556,025 (Euro 24,652,986 as of 30 June 2006) and it is mainly due to the appreciations registered in the period (Euro 7,967,252 in total), the revenue from rent instalment (Euro 13,672,737) and the cost of management (Euro 3,426,604).
The annual return of the Fund, compared with 30 June 2006 and taking into account the income of Euro 100 per unit distributed in March 2007, was 12.21%.
The main events happened in the first semester of 2007 a
• On 16 February 2007 was finalized the sale of the property located in via Darwin n. 17 in Milan (Aged Care Clinic) to Mediolanum Gestione Fondi SGRpA, management company of the "Mediolanum Real Estate" closed-end Fund, for an amount of Euro 12,250,000 plus VAT;
• On 23 April 2007 has been sold to Fabrica Immobiliare SGR SpA, management company of "ARISTOTELE" Real Estate closed-end Fund, the property (Nursing Homes) located in Rezzato (BS), for an amount of Euro 20,600,000 plus VAT.
As of 30 June 2007, the Fund's portfolio comprised the following property assets:
• A multifunctional complex in Via Boncompagni 71h, Rome;
• A High-Tech production complex and an office building complex in Stezzano (Bergamo);
• A management complex in Via Piero e Alberto Pirelli 21, Milan;
• A multifunctional complex in Via Monte Rosa 91, Milan (used by the real estate company Stremmata SPA, in which the Fund holds a 100% equity investment);
• No. 6 properties used as supermarkets located respectively in Milan, Verona, Trieste (2 units), Pordenone and Perugia;
• A building in Via Larga 23, Milan;
• A residential hotel in Via Leone Dehon, Rome;
• The integrated shopping centre "Le Grange" located in Piedimonte San Germano, Frosinone;
• The integrated shopping centre "Le Masserie" located in Ragusa;
• The shopping centre "TerniShop" located in Via Narni 99, Terni (TR).
The equity value of the properties and of the equity investment in real estate companies, according to the appraisal of an independent expert as of 30 June 2007, amounted to Euro 516,630,000 (Euro 535,020,000 as of 31 December 2006). This amount should be compared with the purchase cost up-lifted by the costs associated with the acquisition amounting to Euro 393,107,942 (including the equity investment).
The net cash flow position as of 30 June 2007 amounted to Euro 5,061,849, entirely made up of available cash flow, and consistent with the objective of the Fund, will be invested in real estate properties and in real estate properties rights. The net cash flow position at the end of the previous accounting period (31/12/2006) amounted to Euro 35,430,796, entirely made up of available cash flow.
As of 30 June 2007, loans raised amounted to Euro 27,831,973 detailed as follows:
• a mortgage loan of Euro 7,517,004 relating to the property situated in Via Leone Dehon 61, Rome;
• the residual debt for the financial leasing agreement, amounting to Euro 20,314,969, relating to the property situated in Via Larga 23, Milan.
At the end of the previous accounting period were outstanding the same loans listed before, other than a mortgage loan relating to the property situated in Via Darwin 17 in Milan, traded in the first semester for a total amount of euro 28,958,769.
For more details:
Head of Media Relations
Pioneer Investment Management SGRpA
Galleria San Carlo, 6 - 20122 Milano
Ph. +39 02/7622.3228