Italy's Aedes Immobiliare has appointed Nicola Cinelli to the position of new Chief Executive and Pierino Isoldi as the group's new vice president. The appointments follow the approval last month of a new EUR 150 mln capital raising to be subscribed by the new investors Isoldi (in a range of EUR 70 mln) and Amenduni (EUR 45 mln).
Italy's Aedes Immobiliare has appointed Nicola Cinelli to the position of new Chief Executive and Pierino Isoldi as the group's new vice president. The appointments follow the approval last month of a new EUR 150 mln capital raising to be subscribed by the new investors Isoldi (in a range of EUR 70 mln) and Amenduni (EUR 45 mln).
The group posted a loss of EUR 300 mln in 2008, primarily reflecting the devaluation of its development portfolio which accounted for EUR 188 mln. In 2007, it reported a loss of EUR 12 mln. Aedes said that it expects it will not return to the black before 2012. Net debt stood at EUR 810 mln at end-December 2008, up from EUR 752 mln at end-2007.
