MILAN, March 27 Italian real estate management company Prelios said on Wednesday it approved a 561 million euro ($717 million) debt restructuring plan, as well as a 185 million euros capital increase.
The heavily indebted company manages properties in Italy and Germany and has been hit hard by writedowns on real estate investments in its recession-hit home market.
Prelios said its net loss for 2012 was 241.7 million euros, compared to a loss of 289.6 million euros in 2011, as a result of real estate writedowns and restructuring costs.
Prelios also approved a new 2012-2016 business plan.
Prelios was spun off from Pirelli in 2010. ($1 = 0.7824 euros) (Reporting by Jennifer Clark, editing by Antonella Ciancio)