Spazio Investment swings to FY loss, scraps H2 dividend

giovedì 26 marzo 2009 09:23

* 2008 pretax loss 8.6 mln euros vs profit 44.9 mln euros

* Says outlook for Italian realty sector uncertain

* Sees further fall in asset values in 2009

* In talks to sell 80 mln euros of assets in H1

March 26 (Reuters) - Spazio Investment NV SPNV.L, an Italian property fund managed by Pirelli & C Real Estate PECI.MI, swung to a full-year pretax loss mainly due to a fall in both the asset values and the fair value of financial instruments.

Spazio also scrapped final dividend for the second half.

The company expects a further fall in asset values in 2009 but a reasonable level of interest from local investors in its portfolio is expected to continue to provide some degree of protection, it said in a statement on Thursday.

Though the fall in commercial property values experienced to date in Italy is not as marked as in other European markets, the outlook for the Italian real estate sector and asset values remains uncertain, the company said.

Despite the uncertainty, it is currently in full compliance with all of its banking covenants, Spazio said.   Continua...