Prospectus

The Prospectus contains the following sections:

• The Closed-end Real Estate Fund
• Information on the Fund’s equity
• Unit subscription, redemption and liquidation procedures
• Subjects involved in the operation and their respective roles
• Statement of responsibility.

The attached Prospectus was deposited at CONSOB on 30 September 2005 following the approval which was communicated in note no. 5064193 of 28 September 2005.