X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

MILAN-Rapidly restructuring Italian listed property funds group Aedes has closed its latest capital increase, consisting in a conversion of €296 million in bank debt into equity. The move came just weeks after a rights issue in mid-summer brought in €150 million, 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 €4.5 billion. The latest restructuring converted the debt into just over 50 million ordinary shares and 364,000 special shares, a kind of warrant with limited voting rights, convertible into ordinary stock. It thus boosts Aedes total outstanding equity to 1.1 million shares at a subscription price of €0.715 per share. This compares to the recent stock price around €0.25 which gives a current market capitalization of around €280 million.

The rights issue in summer was 74% subscribed after it offered 152 new shares for every 25 held at a price of €0.26, plus a free warrant. A holding company Vi-Ba picked up 26.33% of the issue. The firm and its associate Start Immobiliare are owned by Amenduni. Based in the southern Italian town of Bari and with offices in the northern city of Vicenza Amenduni Nicola is one of the largest producers of special steel, and also manufactures agricultural machines. Amenduni was instrumental in installing a new board earlier this year, but it changed again in September. Aedes CEO is now Francesco Montescani, with Paolo Ingrassia as deputy chairman focusing on foreign investment, finance and participations. Anna Paola Negri-Clementi is also deputy chairman, with a focus on legal issues. Chairman of the board is Tommaso Cartone.

The summer recapitalization was guaranteed by the same banking consortium involved in converting most of the debt, and was a pre-requisite for the second move. The banks, headed by Intesa Sanpaolo, Monte dei Paschi and UniCredit, guaranteed the rights issue but were not required to subscribe since the entire offer was taken up.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.