US privately-held developer-investor Hines is believed to be in advanced discussions to take over Italian listed property development firm Aedes.
According to well-informed market sources, Hines is the frontrunner to buy the Italian REIT in an operation valued at around €200-300 mln. Fortress is also believed to have also looked at the sale.
Aedes, which benefits from a REIT tax- efficient regime, was put up for sale through advisor Rothschild & Co Italia spa last autumn. The group is majority owned by Augusto Spa under administration. The bulk of its 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.
US group Hines is thought to plan to use the platform to speed up its logistics property development activities in the country.
