Italian property services firm Prelios said on Friday that its lenders have taken up shares worth nearly €70 mln which were left unsubscribed during the recent capital increase.
Italian property services firm Prelios said on Friday that its lenders have taken up shares worth nearly €70 mln which were left unsubscribed during the recent capital increase.
Lenders Intesa Sanpaolo, UniCredit, MPS, Banca Popolare di Milano and a number of others, alongside former parent group Pirelli & C. have swapped debt for around 117 million ordinary shares representing a total value of €70 mln.
The operation completes Prelios' €115 mln capital increase and follows the €70 mln subscription by investor group Fenice in early August of around 117 million non-voting B shares as part of a reserved capital increase.
Fenice consists of Feidos 11, owned by businessman Massimo Caputi who was appointed vice-president of Prelios in May, Pirelli & C, Intesa Sanpaolo and UniCredit.
The capital raising exercises form part of wider plans to recapitalise Prelios and reposition it as an integrated real estate services firm.
As part of this strategy, the Milan-listed property firm is looking to exit all its co-investments in the next two years and to focus exclusively on the management of real estate assets for third parties.
Prelios has co-investments valued at over €1.7 bn including €908 mln of assets in Italy, €816 mln in Germany and €20 mln in Poland. Major portfolios for sale include the remaining Highstreet assets and the residential DGAG package.
