Exor, the holding company of the Italian Agnelli family owning 72% of Cushman & Wakefield, said on Thursday that it is providing a $50 mln credit line to the real estate broker after it unveiled a loss for 2008 of EUR 20.2 mln. In its full year results published on Thursday, the group said it has approved a three-year subordinated credit line of $50 mln for its C&W subsidiary. The transaction which will be finalised shortly, it added.
Exor, the holding company of the Italian Agnelli family owning 72% of Cushman & Wakefield, said on Thursday that it is providing a $50 mln credit line to the real estate broker after it unveiled a loss for 2008 of EUR 20.2 mln. In its full year results published on Thursday, the group said it has approved a three-year subordinated credit line of $50 mln for its C&W subsidiary. The transaction which will be finalised shortly, it added.
'The purpose of the credit line is to strengthen the financial structure of the subsidiary and also enable it to take advantage of growth opportunities,' the company said in a statement. C&W's loss for 2008 compares to a profit of EUR 48.4 mln a year before.
