Banca d'Italia has granted approval to property investor and asset manager Aedes for five opportunity real estate funds with a total equity value of EUR 1.3 bn. The authorisation has led to the launch of Aedes Value Added, an asset management company owned by Aedes, which will run the opportunity funds that are aimed at Italian and foreign institutional investors.
Banca d'Italia has granted approval to property investor and asset manager Aedes for five opportunity real estate funds with a total equity value of EUR 1.3 bn. The authorisation has led to the launch of Aedes Value Added, an asset management company owned by Aedes, which will run the opportunity funds that are aimed at Italian and foreign institutional investors.
The first funds will be focused by type of real estate product - development and trading in the retail, residential and the office segment - with an average duration of five to seven years. Given the authorised equity and a leverage of 75%, the funds' assets value is expected to reach EUR 5 bn, Aedes said.
'The authorisation for these opportunity real estate funds consolidates the group's presence in the fund management sector, expanding the range of products offered, on the one hand the traditional real estate funds, managed by Aedes BPM Real Estate, and on the other the opportunity funds, managed by Aedes Value Added,' Aedes ceo Luca Castelli commented.
The total assets - both traditional and opportunity funds - managed by the two asset management companies is expected to be EUR 7 bn.
