Aedes, Pirelli & C. RealEstate and Fininvest today signed the closing of the operationfor the acquisition of Edilnord 2000. The framework agreementwas drawn up on August 10th last year and has been finalisedfollowing the go-ahead given by the Antitrust Authority on January21st, 2002.
The operation was concluded with the incorporation into Pirelli& C. Real Estate of Edilnord 2000's three services companies(Edilnord Progetti, Edilnord Gestioni e Servizi ImmobiliariEdilnord) as well as the acquisition of two "newcos", to whichEdilnord 2000 has transferred, respectively, areas for developmentand the residual real estate portfolio.
Banca Antonveneta have also taken up part of the capital ofthe "land areas newco", which accounts for the largest partof the operation, with a stake of 15%. The bank will act asthe financing body for the whole development programme and willbe directly represented with a seat on the Board of Directors.Following the bank's entry the respective stakes in the "landareas newco" have been redistributed as follows:
Aedes 49%
Pirelli & C. Real Estate 36%
Banca Antonveneta 15%.
Aedes hold the majority share in the "newco" that owns the residualreal estate assets.
As planned, the "land areas newco" will provide the springboardfor three target companies specialising in three product types- offices, logistics and residential property. Pirelli & C.Real Estate will be responsible for managing the companies,which will be open to the entry of other partners as a meansof encouraging their development.
The operation was concluded with the incorporation into Pirelli& C. Real Estate of Edilnord 2000's three services companies(Edilnord Progetti, Edilnord Gestioni e Servizi ImmobiliariEdilnord) as well as the acquisition of two "newcos", to whichEdilnord 2000 has transferred, respectively, areas for developmentand the residual real estate portfolio.
Banca Antonveneta have also taken up part of the capital ofthe "land areas newco", which accounts for the largest partof the operation, with a stake of 15%. The bank will act asthe financing body for the whole development programme and willbe directly represented with a seat on the Board of Directors.Following the bank's entry the respective stakes in the "landareas newco" have been redistributed as follows:
Aedes 49%
Pirelli & C. Real Estate 36%
Banca Antonveneta 15%.
Aedes hold the majority share in the "newco" that owns the residualreal estate assets.
As planned, the "land areas newco" will provide the springboardfor three target companies specialising in three product types- offices, logistics and residential property. Pirelli & C.Real Estate will be responsible for managing the companies,which will be open to the entry of other partners as a meansof encouraging their development.