Aedes, the Italian property company, has taken stakes in joint ventures in Sweden and the Central and Eastern European region to 'apply the co-investor and asset management model developed in Italy' to the international stage.
Aedes, the Italian property company, has taken stakes in joint ventures in Sweden and the Central and Eastern European region to 'apply the co-investor and asset management model developed in Italy' to the international stage.
Aedes Luxembourg and REIT Asset Management have acquired 50% of KS Provenience, a new company that has a portfolio of 38 retail properties in Sweden. The portfolio comprises a total of 70,000 m2 of retail space and is valued at EUR 64 mln. The acquisition brings the value of Aedes' investment in Sweden to over EUR 200 mln.
The company also said in a statement that it has entered the Central and Eastern European region by taking a 40% stake in a joint venture that is to invest in real estate development projects in Slovenia, Romania, Bulgaria, Serbia and Montenegro. The joint venture has already started a development project in Bucharest that consists of 550 residential units, 98,000 m2 in total, in the north-east of the Romanian capital. Aedes has committed EUR 20 mln to the joint venture.
To drive its expansion in the urban shopping centres, offices and logistics sectors outside Italy, Aedes signed strategic partnerships last year with London-based REIT Asset Management, German fund IVG and France's Caisse des Depots et Consignations. Aedes has EUR 4 bn of property under management.
