Italian property company Aedes said on Tuesday that it is considering other options to shore up its shaky finances after investment company Sopaf pulled out of talks on a deal under which it would have taken a stake in the debt-laden property firm.
Italian property company Aedes said on Tuesday that it is considering other options to shore up its shaky finances after investment company Sopaf pulled out of talks on a deal under which it would have taken a stake in the debt-laden property firm.
'Today Aedes received a letter in which Sopaf stated that it was no longer interested in continuing the negotiations for the share capital increase and financial restructuring transaction. Aedes is currently evaluating other solutions and looking into other potential buyers,' Aedes said.
Back in September Aedes said that it had chosen Sopaf to take part in a EUR 150-200 mln capital increase to help pay down EUR 400 mln in debt. As part of the capital raising, Sopaf was to inject equity of EUR 171 mln, it added. At the time, Aedes said that Sopaf would help the company in its negotiations with creditors to restructure its debt.
Listed on the stock exchange since 1924, Aedes has a portfolio of EUR 5.4 bn in property assets.
