Aedes buys mixed-use project in Belgrade (SR/IT)

After the closing of two residential development deals in Bucharest, Romania, Aedes has speeded up its foreign expansion process with the closing of a new development operation in Belgrade, Serbia.

Through the vehicle SECURE (South Eastern Continent Unique Real Estate) Investment Ltd, a company owned by Aedes Investissement (40%) and some European institutional investors and high net worth individuals, Aedes has signed an agreement to buy 25% of KLC V Holding, a company which owns 50% of the Hotel Jugoslavija and the development area nearby.

In particular, the aim of the project in the first phase will consist of the reconstruction of the Hotel Jugoslavija, one of the most important and oldest primary hotels in Serbia, built in 1969 and located in a very fascinating position on Danubio river, close to the former Yugoslavian Government Building.

In a second phase SECURE will ensure the right to develop the nearby area of the hotel. This area will relate to a construction of a mixed residential and retail project which will be realized in a historical and unique contest riverfront view. In front of the hotel there are a number of bars, night food and entertainment while a new casino is under construction.

This last transactions constitutes a significant step for Aedes, whose strategy through SECURE Investment is to invest alongside reputable developers and other partners in property development projects which have a substantial residential component. SECURE Investment's geographic coverage focuses on South Eastern Europe, with emphasis put in the markets of Romania, Serbia and Bulgaria. SECURE Investments plans to leverage its Equity Capital, allowing it to eventually deploy more than €150 million in such countries. Aedes' equity commitment in SECURE Investment amounts to €20 million with an IRR target of 22%.

Source: Aedes

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