Aedes and Cordea Savills enter into joint venture for €350m Italian portfolio (IT/UK)

Aedes Financial Services (AFS) and Mandatoriccio, which are 50% and 60% held by Aedes, respectively, and Cordea Savills inform that in date March 29, 2007 has started 'Boccaccio', the closed-end real estate fund, for institutional investors, specialized in retail properties, in execution of the preliminary agreement issued in date March, 9, 2007.

In particular, Cordea Savills acquired the 81,7% of Boccaccio fund paying to AFS and Mandatoriccio the price of €142 million, whose difference amount was fully paid at the closing of the deal. The remaining units are held by AFS.

'Boccaccio', established and managed by Aedes BPM Real Estate Sgr, is a closed-end real estate fund, whose portfolio is composed of 19 retail properties in the main Italian cities, especially Milan, Turin, Florence and Rome, for a total surface of roughly 107,000 m², which are rented out to primary companies.

The end of the deal underlines the sharing of the same business strategy and mutual trust, which allow Aedes and Cordea Savills to be partners again in other business activities.

Source: Aedes

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