Italian property developer Aedes Immobiliare has said that it is liquidating its non-strategic partnerships with Operae as part of its new 2009-2013 business plan aimed at re-launching the company's activities. The Milan-based firm said the initiative would bring EUR 11.5 mln into the company's coffers.
Italian property developer Aedes Immobiliare has said that it is liquidating its non-strategic partnerships with Operae as part of its new 2009-2013 business plan aimed at re-launching the company's activities. The Milan-based firm said the initiative would bring EUR 11.5 mln into the company's coffers.
The 50/50 partnerships with Operae own a number of properties in Italy held through the Porto San Rocco, Turati Properties, Via Larga, Aedilia and Stalingrado holding companies. Under the agreement, Aedes is acquiring Operae's 50% stake in the Turati Properties holding company for EUR 20 mln, while taking over the debt involved in the company.
Gruppo Operae's Immofinanziaria subsidiary is buying Aedes' interest in the Porto San Rocco, Aedilia 8, via Larga and Stalingrado partnerships for a total of EUR 31.5 mln. The transactions are conditional on approval by the creditor banks, Aedes said.
At the end of September Aedes dissolved its non-strategic partnership with Cordea Savills, which controlled a number of residential properties in Italy.
