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Pioneer Investments and Torre, an affiliate of Fortress Investment Group, sign a partnership

Pioneer Investments and Torre, an affiliate of Fortress Investment Group, sign a partnership for the management and distribution in Italy of real estate financial products

Pioneer Investment Management SGR p.A. (PIM) and Torre SGR SpA (Torre), an affiliate of Fortress Investment Group, today signed a strategic partnership for the management and distribution in Italy of real estate financial products, with the aim to further develop the activities in the real estate funds management sector and create value for the clients and unit holders.

The transaction, which is subject to the final authorization of the competent regulatory Authorities, contemplates the contribution of the PIM "real estate fund management" business to Torre (a real estate fund management company wholly controlled by Fortezza RE S.a.r.l., itself wholly owned by funds managed by Fortress Investment Group).

As a result of the contribution, PIM will acquire a 37.5% stake in Torre, while Fortezza RE S.a.r.l. will be the majority shareholder with a 62.5% interest. PIM will play a substantial role in the governance of Torre SGR and will operate on an exclusive basis in the partnership' real estate financial products distribution.

The parties aim to focus all of their respective real estate fund management activities through Torre with a target of reaching Euro 5 billion in Asset under Management over the next five years.

"Thanks to this partnership, we will be able to optimize our presence in the real estate sector and generate innovation and high quality services - commented Dario Frigerio, CEO of Pioneer Investments. "The strong reputation of Fortress Investment Group, together with our skills in distribution and product development, are the ingredients for a successful cooperation".

"Current market conditions offer interesting opportunities in the real estate sector - added Robert Kauffman, President of Fortress Investment Group. "The combination of our respective skills can create a leading platform for the real estate fund management business in Italy".

"We are proud to be partners with Pioneer Investments" - concluded Paolo Vagnone, CEO of Torre SGR. "This partnership furthers our objective to deliver strong absolute returns through a large range of products, while maintaining a rigorous investment process. We are starting our venture with a substantial portfolio of funds under management and we have the ambition to grow and develop 'best in class' investment services for our clients and investors".

In the real estate business PIM currently manages the listed retail closed-end real estate fund "UniCredito Immobiliare Uno" and the five closed-end real estate funds respectively "Pioneer RE Brixia", "Pioneer RE Turin", "Pioneer RE STAR", "Pioneer RE Capital Fund" and "Pioneer RE AMG".

Lazard acted as financial advisor to PIM, whilst Annunziata e Associati was legal advisor. Torre and Fortezza RE S.a.r.l was advised by Clifford Chance as legal advisor.

Milan, 28 July 2008

For further information contact:
Camilla Pedraglio
Head of Media Relations
Pioneer Investment Management SGRpA
Tel. +39 02/7622.3228

Paolo Vagnone
Torre SGR SpA

About Pioneer Investments
Pioneer Investments is the trade name of the Pioneer Global Asset Management S.p.A. group of companies (PGAM). PGAM is a wholly owned subsidiary of UniCredit S.p.A. Constantly engaged since 1928 in the protection and the increase of its customers assets, Pioneer Investments is the only global player of Italian origin with a presence in the more important international investment centers worldwide.
Pioneer Investments manages over €200 billion of assets under management. With offices in over 25 countries, the Group employs approximately 2,300 individuals.

About Fortress Investment Group
Fortress Investment Group is a leading global alternative asset manager with approximately €34.2 billion in assets under management as at 31 march 2008.
The Torre team is composed of 10 professionals with an average experience of 10 years in the real estate acquisition and investment management.