Invest Real Security (“IRS”), is an alternative closed-end real estate investment Fund, reserved to both private and qualified investors, established in 2003 and with an original duration of 10 years (expiry date 31st December 2013) + 3 years extension option (the so called “grace period”).

On 18th December 2013, the Board of Directors of the former Beni Stabili Gestioni SGR, with the positive opinion of the Board of the Statutory Advisor, extended the Fund’s life for the 3 years grace period (31st December 20167).

Moreover, on 10th December 2014, the Unitholders Meeting, as per art. 2-bis of the Fund Management Rule and pursuant to art. 22, clauses from 5-bis to 5-nonies of Law Decree 91/2014 enacted with amendment by Law 116/2014, did not approved the change to the By Laws to allow the extraordinary extension of the fund’s life for additional 2 years for the sole purpose to complete the divestment process of the real estate portfolio.

The original equity of the Fund (€ 141,000,000) has been raised “by cash” among investors through the placement of 56,400 units with a nominal value of € 2,500 each.

Invest Real Security has invested in office, retail and logistics assets in Italy.

The Fund’s portfolio currently includes a shopping centre in Bologna and a shopping centre in Andria, office buildings in Cinisello Balsamo (Milan) and Turin, and a logistic asset in Rutigliano (Bari).

Since 24th January 2005 the units of IRS fund have been listed on the MIV segments of Milan Stock Exchange dedicated to closed-end funds.