The offer made by Aedes and Pirelli& C. Real Estate for the property assets and services companiesof Edilnord 2000 Spa - amounting to 425 billion lira - was todayformally accepted by the Fininvest Group. The closing is dueto be completed by March 2002. The agreement features the acquisitionof:
The purchasers also plan to involve other investors in the initiative,albeit without detriment to the stake of Pirelli & C. Real Estate.
The operation will feature the subsequent development of theareas along three specific business lines: offices, logisticaland residential developments. The services companies sold offby the Fininvest Group will be 70% controlled by Pirelli & C.Real Estate and 30% by Aedes.
Pirelli & C. Real Estate, as the operational partner, will bedirectly responsible for strategic management activities (assetmanagement) and the supply of specialist services.
As Carlo Alessandro Puri Negri, the Vice President and ManagingDirector of Pirelli & C. Real Estate, put it: "With the acquisitionof Edilnord's three services companies - and thanks also totheir contribution in terms of the know-how of their management- we are consolidating the Group's position of leadership inthe property services sector. As regards this major land complex- Puri Negri added - and after the implementation of the BicoccaProject in Milan, we are also confirming our commitment in thisarea of activity".
Luca Castelli, the Managing Director of Aedes Spa, stated that:"With this operation, the Company makes further progress inachieving the development objectives taken on by managementover the last year. Entry into the development sector - commentedCastelli - allied to current investments in property portfolios,will allow for greater returns and profitability on the capitalinvested. The strategy of Aedes Spa - added the M.D - is gearedto the creation of value for its shareholders, and this willbe achieved by strengthening our presence as a dynamic playeron the market, not least through a system of alliances withleading operators in the sector".
Claudio Sposito, the Managing Director of Fininvest Spa, spokemost enthusiastically about the agreements reached: "This agreementis wholly in line with our Group's strategy of concentrationin the communications business. We have made the most of oneof our traditional activities and this will allow us to furtherstrengthen our hand in those areas where we are - and intendto remain - the number one. We also take great satisfaction- concluded Sposito - in the fact that Edilnord, with its primequality assets and competencies in the real estate sector, hasbeen acquired by leading national players who will undoubtedlymake the most of the opportunities for their development".
The details of the agreement will be finalised further to thenecessary authorisations from the respective governing authorities.
Pirelli & C. Real Estate Spa is a company of the Pirelli& C. Group and operates in asset management and specialist propertyservices (agency, project management, property and facilitymanagement). The company manages assets worth approximately8 billion euro, including 4 billion in third-party propertiesand 4 billion in companies controlled by leading American realestate funds and by Italian investors, in whose capital Pirelli& C. Real Estate hold significant minority shares.
Aedes Spa, is a centuries old company within the Italian realestate market, and is today a leader in the sector of commercialcentres. As at June 30th, 2001, the company held assets worth1800 billion. Through a dynamic and innovative strategy, thecompany has achieved balanced and consistent growth in traditionalsectors, and has also become a provider of innovative servicesin property management.
Fininvest, one of the world's most important communicationsgroups (with consolidated sales of 8,363 billion lira and anet result of 632 billion in 2000) is a leading holding companyin commercial television (Mediaset), in the cinema (Medusa),in publishing (Mondadori) and in sport (A.C. Milan). The FininvestGroup is also present in telephone directories with 'PagineUtili' and, through its Mediolanum affiliate, in savings, insuranceand financial services.
- A complex of land areas suitable for building, mostlylocated in the area south west of Milan, including Pioltello,Binasco, Cusago, Lacchiarella and various other locations- to be used for office, logistical and residential development;
- A property portfolio designated mainly for residentialdevelopment;
- Three companies - Edilnord Progetti, Edilnord Gestioniand Servizi Immobiliari Edilnord
- operating respectively in project management, propertymanagement and agency services and including the "Edilnord"brand.
The purchasers also plan to involve other investors in the initiative,albeit without detriment to the stake of Pirelli & C. Real Estate.
The operation will feature the subsequent development of theareas along three specific business lines: offices, logisticaland residential developments. The services companies sold offby the Fininvest Group will be 70% controlled by Pirelli & C.Real Estate and 30% by Aedes.
Pirelli & C. Real Estate, as the operational partner, will bedirectly responsible for strategic management activities (assetmanagement) and the supply of specialist services.
As Carlo Alessandro Puri Negri, the Vice President and ManagingDirector of Pirelli & C. Real Estate, put it: "With the acquisitionof Edilnord's three services companies - and thanks also totheir contribution in terms of the know-how of their management- we are consolidating the Group's position of leadership inthe property services sector. As regards this major land complex- Puri Negri added - and after the implementation of the BicoccaProject in Milan, we are also confirming our commitment in thisarea of activity".
Luca Castelli, the Managing Director of Aedes Spa, stated that:"With this operation, the Company makes further progress inachieving the development objectives taken on by managementover the last year. Entry into the development sector - commentedCastelli - allied to current investments in property portfolios,will allow for greater returns and profitability on the capitalinvested. The strategy of Aedes Spa - added the M.D - is gearedto the creation of value for its shareholders, and this willbe achieved by strengthening our presence as a dynamic playeron the market, not least through a system of alliances withleading operators in the sector".
Claudio Sposito, the Managing Director of Fininvest Spa, spokemost enthusiastically about the agreements reached: "This agreementis wholly in line with our Group's strategy of concentrationin the communications business. We have made the most of oneof our traditional activities and this will allow us to furtherstrengthen our hand in those areas where we are - and intendto remain - the number one. We also take great satisfaction- concluded Sposito - in the fact that Edilnord, with its primequality assets and competencies in the real estate sector, hasbeen acquired by leading national players who will undoubtedlymake the most of the opportunities for their development".
The details of the agreement will be finalised further to thenecessary authorisations from the respective governing authorities.
Pirelli & C. Real Estate Spa is a company of the Pirelli& C. Group and operates in asset management and specialist propertyservices (agency, project management, property and facilitymanagement). The company manages assets worth approximately8 billion euro, including 4 billion in third-party propertiesand 4 billion in companies controlled by leading American realestate funds and by Italian investors, in whose capital Pirelli& C. Real Estate hold significant minority shares.
Aedes Spa, is a centuries old company within the Italian realestate market, and is today a leader in the sector of commercialcentres. As at June 30th, 2001, the company held assets worth1800 billion. Through a dynamic and innovative strategy, thecompany has achieved balanced and consistent growth in traditionalsectors, and has also become a provider of innovative servicesin property management.
Fininvest, one of the world's most important communicationsgroups (with consolidated sales of 8,363 billion lira and anet result of 632 billion in 2000) is a leading holding companyin commercial television (Mediaset), in the cinema (Medusa),in publishing (Mondadori) and in sport (A.C. Milan). The FininvestGroup is also present in telephone directories with 'PagineUtili' and, through its Mediolanum affiliate, in savings, insuranceand financial services.