Milan-based real estate company Aedes Immobiliare is said to be close to sealing a deal with its banks to refinance its EUR 400 mln mountain of debt. According to Italian newspaper Il Sole 24 Ore, the success of the refinancing transaction is conditional on the Italian property fund manager raising EUR 200 mln of new equity.
Milan-based real estate company Aedes Immobiliare is said to be close to sealing a deal with its banks to refinance its EUR 400 mln mountain of debt. According to Italian newspaper Il Sole 24 Ore, the success of the refinancing transaction is conditional on the Italian property fund manager raising EUR 200 mln of new equity.
The company may also unveil an agreement in the next few days to sell real estate assets worth up to EUR 1 bn to Tom Barrack's US private equity firm Colony Capital. Aedes announced at the end of June that it had received a non-binding offer from Colony Capital for the acquisition of the company's stake in two joint ventures with Cordea Savills and Operae, the holding of the Italian real estate tycoon Vittorio Casale. Aedes' assets include several landmark office buildings in Milan and Rome.
Aedes reported EUR 48 mln in losses for the first six months of 2008 and said it it failed to meet debt payments of around EUR 40 mln over the course of the first half of the year. The Italian company has until the end of September to reach an agreement with creditors. Advisors Vitale & Associati and Studio Legale d’Urso Gatti e Associati are advising the company in the refinancing process.
