Aedes has accepted Cordea Savills' binding offer to purchase 81.7% of Boccaccio, a closed-end real estate fund reserved for institutional investors that specialises in retail properties. The deal is expected to be completed by March 30, 2007, Aedes said in a press release.

Aedes has accepted Cordea Savills' binding offer to purchase 81.7% of Boccaccio, a closed-end real estate fund reserved for institutional investors that specialises in retail properties. The deal is expected to be completed by March 30, 2007, Aedes said in a press release.

Cordea Savills will pay EUR 142 mln for the fund, which will initially involve a portfolio of 19 retail properties valued at some EUR 306 mln. The assets will provide a total surface of about 107,000 m2 in the Italian hubs of Milan, Turin, Florence and Rome. Boccaccio will have debt of around EUR 176 mln. Lehman Brothers acted as sole arranger and placement agent.

Aedes manages five real estate funds, including Boccaccio, Investietico, dante Retail, Virgilio and Petrarca, for a combined market value of EUR1 bn.