Carlo Puri Negri, the man widely credited with growing Pirelli Real Estate into a powerful player in Italian real estate, is leaving the company.
In a statement, the Milan-based firm – which some sources say still hopes to raise an opportunity fund – said it was bringing back Giulio Malfatto as managing director. Malfatto left the company in 2006 and was managing director of Pirelli RE’s fund management arm.
Puri Negri said in the statement: “I am leaving Pirelli at the end of a cycle. We have created a business that, up until the crisis hitting the entire sector, was known for its dynamism and innovation.”
He added: “We have embarked on a deep reorganization in recent months, which I hope will allow Pirelli RE to emerge successful from this phase of the economic cycle.”
Puri Negri, who is related to the Pirelli family, joined Pirelli RE in 1989 as a board member and became chief executive in 1991. He is also deputy chairman of the Pirelli Group, known for the manufacturer of tyres.
He leaves amid wholesale restructuring at the firm, which up until the credit crunch had designs on becoming a pan Europe powerhouse.
As well as restricting its geographical areas to Italy, Germany and Poland, the real estate firm is also cutting operating and fixed costs hoping that this will save €50 million this year. In coming months it will work on restructuring its non performing loans business.
Sources says that Olivier de Poulpiquet, Pirelli RE’s chief investment office in charge of all investment and fund raising activitie, is still hopeful of launching an opportunity fund to add to the company’s plethora of existing vehciles, some of which are listed.
He joined Pirelli in 2004 from Morgan Stanley.