MILAN-Spazio Industriale, the joint venture between Pirelli Real Estate and Soros Real Estate Investors, is acquiring a seven-property industrial portfolio from Prada Group for euro 77 million ($104.8 million). As part of the transaction, Prada is leasing back the properties on a long-term basis. The Prada industrial properties are located in the textile districts of Tuscany (Arezzo and Siena) and Marche (Ancona and Ascoli Piceno). The recently constructed properties are used by Prada as warehouses, laboratories, offices and a shopping outlet. Prada will remain in the properties on multiple triple-net leases that run until 2011 and 2017, according to Pirelli officials. A Prada representative was not available Monday for comment.The agreement was signed Dec. 23 and the transaction is expected to close by the end of January. The joint venture also holds an option to purchase two more Prada properties within three months of the closing. Studio Ashurst served as legal advisor for Spazio Industriale. The financial advisor for the Prada Group was Lazard & Co. Real Estate while Gianni Origoni Grippo & Partners was the Group’s legal advisor.Spazio Industriale is 75% controlled by Soros Real Estate Investors and 25% by Pirelli Real Estate. Upon closing of the transaction, the JV will control an industrial portfolio valued at more than euro 200 million.

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