Domus Srl, a company owned by US privately-held developer-investor Hines as well as funds managed by asset management group Apollo, has completed the acquisition of a majority stake in Italian REIT Aedes in a deal valuing the company at around €90.
Under the deal, Hines and Apollo are buying a 51% stake in Aedes from the Augusto holding under administration and a further 3.7% from Palladio Holding for around €50 mln, representing a roughly 54% stake.
Hines and Apollo will now launch a mandatory takeover offer for the remaining capital they do not already own, at a price of €0,2922 per share.
Italian property development company Aedes received a non-binding offer from the US groups in March this year. The firm was put up for sale through advisor Rothschild & Co Italia spa last autumn.
The bulk of Aedes' assets are retail properties (44% of the portfolio) with offices representing another 19.5%. The firm’s largest development is a 130,000 m2 mixed-use project in Caselle near Turin.
