PIE Events
- German Property Breakfast
14 February 2012
Stockholm
- Distressed Property Breakfast
22 February 2012
London
- Central and Eastern Europe Real Estate Conference
03-04 May 2012
Vienna, Austria
Italy's Aedes completes second part of refinancing
Rapidly restructuring Italian listed property group Aedes has closed its latest capital increase, consisting in a conversion of e296m in bank debt into equity. The move came just weeks after a rights issue in mid-summer brought in e150m, partly underwritten by its major shareholder, the Amenundi steel and farm machines group. Aedes is a co-investor and asset manager of real estate funds, services and development with assets at end-December of e4.5bn. The latest restructuring was 74% subscribed after it offered 152 new shares for every 25 held at a price of e0.26, plus a free warrant. (Full story in upcoming PIE/PFE issues)