The board of directors of Pirelli Real Estate has authorised firm's plan to launch European opportunistic contribution funds and the establishment of a first such fund dedicated to the office and retail sectors, as well as approving the group's new organisational structure.

Pirelli RE says the launch of its first European opportunistic contribution fund, focusing on countries in which it is already present, will enable the firm to increase its assets under management and to offer recognised management expertise to investors interested in the current process of consolidation within the European real estate industry. Pirelli RE is leader in the Italian real estate market and its asset management and services businesses have expanded into Germany and Eastern Europe.

The new opportunistic fund aims to raise around EUR1bn. Its launch will be accompanied by completion of the EUR4.6bn acquisition of the high street portfolio of Arcandor, formerly Karstadt Quelle, and a planned merger with existing third-party residential portfolios.

Together with the start of a programme of disposals affecting assets totalling some EUR2bn, these transactions will have the effect of increasing Pirelli RE's assets under management from EUR13bn to around EUR17bn.

In a management reorganisation the board has given Olivier de Poulpiquet, who has been with Pirelli RE since 2004, responsibility for all investment and fundraising activities. De Poulpiquet previously held various management positions in Morgan Stanley's investment banking division, in real estate fundraising and investment, and as executive manager and co-head of the European real estate investment group.

Paolo Bottelli, formerly deputy general manager for services, has been appointed as general manager for residential asset management and services, with responsibility for the entire residential sector and associated specialised services, in addition to his existing role as head of the property and agency businesses.

Rodolfo Petrosino, formerly deputy general manager for office acquisition and asset management, has been appointed general manager for commercial asset management and services, with responsibility for the entire commercial sector and functionally for associated services. Massimiliano Bertolino has been confirmed as head of the non-performing loans asset management and services sector.