MILAN-The board of Italian listed real estate company Pirelli & C. Real Estate have approved a proposal to change the company’s name to Prelios, as the process of running down the group and disconnecting it from the tire maker parent Pirelli continues.

The group said the name change blends its roots and vision of the future, with the three initial letters ‘Pre’ recalling the concept of premium, while the future is represented by the use of the Greek word ‘helios’, referring to the sun. The name change will be submitted to the next shareholders’ meeting, and will take effect when the separation of Pirelli RE from its parent, announced in early May, is finalized.

The group’s board, headed by Chairman Marco Tronchetti Provera, also appointed Enrico Parazzini as MD Finance following the resignation of Claudio De Conto. Parazzini will join top management to work alongside the CEO Giulio Malfatto to ensure continuity in Pirelli RE’s financial management and support in the implementation of the business plan.