Pirelli-managed company taken over

Activist investor Laxey Partners has assumed control of Italian light industrial property company Spazio Investment having taken its shareholding to 66.3%. Italy's Pirelli Real Estate, the external manager, is opposed to the takeover.

Laxey Partners, the London-based activist investor, has taken control of Italian light industrial property company Spazio Investment.

Laxey’s Terra European Investments vehicle has been able to takeover London-listed Spazio after originally buying 37.5 percent of its share capital valuing the company at €141 million, and then gaining further shareholder acceptances, bringing its total share of the company to 66 percent. Laxey has made the investment on behalf of its Terra Catalyst Fund, one of two vehicles it manages.

Spazio, which was floated by Italy’s Pirelli Real Estate and Grove International in 2006, has been the subject of shareholder discontent for many months. 

In September last year shareholders banded together to force a shake-up of the company leading not only to accelerated asset disposals and a halt to new acquisitions, but the alteration to incentive fees for Pirelli, which externally manages the company.

Pirelli reiterated to Spazio on 10 July this year that it was opposed to Laxey’s takeover.