Italian property company Aedes has continued its expansion in Southeast Europe through the acquisition of a mixed-use luxury development project in Belgrade, Serbia for an undisclosed amount.
Italian property company Aedes has continued its expansion in Southeast Europe through the acquisition of a mixed-use luxury development project in Belgrade, Serbia for an undisclosed amount.
Aedes has signed an agreement to buy 25% of KLC V, a company which owns 50% of the Hotel Yugoslavia and a nearby development area. The acquisition is being carried out by the vehicle South Eastern Continent Unique Real Estate (Secure) Investment.
Aedes holds a 40% stake in Secure with the rest held by European institutional investors and wealthy individuals. Secure focuses mainly on Romania, Serbia and Bulgaria, where it intends to invest a total of EUR 150 mln.
The first phase of the Serbian project involves the reconstruction of the hotel, described by Aedes as one of the 'most important and oldest primary hotels' in the country. The second phase will see the construction of a mixed residential and retail project, a cafe area and a casino facing the hotel.
The project comes shortly after the closing of two residential development deals in Bucharest, Romania. 'This last transaction constitutes a significant step for Aedes whose strategy through Secure Investment is to invest alongside reputable developers and other partners in property development projects which have a substantial residential component,' Aedes said.
