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Italy's Aedes boosts asset control after Cordea Savills joint venture demerger
An extensive re-organisation by Italian listed property group Aedes of its assets, demerging its joint venture with Cordea Savills, has no negative impact on group accounts and, in fact, boosts the total value of real estate consolidated into its balance sheet. Some reports have suggested that creditor banks have targeted Aedes real estate in a swap against outstanding debt. However a company spokesperson told PIE: "This agreement has no impact on the Aedes accounts. Aedes is not at all losing its assets to creditors; on the contrary we are increasing our interests in the assets in question." (See upcoming PIE editions for full story)