Aedes has purchased through a wholly owned subsidiary 46.23% of Rubattino 87 S.R.L. from VICTORIA Italy Property GmbH, thus becoming the company's main shareholders, with a total equity interest of 91.97%.
This purchase represents a milestone in the strategy of the Aedes Group for the development of large urban areas. Specifically, with Rubattino 87, Aedes intends to carry out important development plans on the east side of Milan, so as to make a mark on the entire area.
The acquisition of the controlling interest is also designed to rationalize the company in such a way as to organize the various operating areas by type of product, thus accelerating the development plans:
- Rubattino west side Residential;
- Rubattino east side Office buildings/Business park
- Pompeo Leoni (Ripamonti) Laboratories and professional offices
The goal is to involve partners specializing in the individual operating areas also by establishing closed-end real estate funds for institutional investors. The whole investment, related to the acquisition of the shareholding and shareholders loans connected thereto, is €68 millions.
Rubattino 87 S.r.l. was set up about 20 years ago for the purchase and subsequent development of some of the most important industrial areas in Milan, no longer in use. At present Rubattino 87 owns a large area, previously interested by the production activity of INN-SE Innocenti Santeustachio S.p.A and Maserati, subject to the Zoning Plan called "Programma di Riqualificazione Urbana (P.R.U.)".
Rubattino's plans, which concern an area located east of Milan, near Linate's airport and the exit of the eastern Ring Road belt, are already under way. These plans call for the construction of residential buildings over an area of approximately 50,000 m² (on the west side of the area), the campus of an important university for approximately 70,000 m² and a business park for additional 125,000 m², for a total of approximately 245,000 m² (on the east side of the area).
The PRU has been approved to implement a program that is expected to end in 2013.
According to appraisals performed, as of December 31, 2005 the market value of the construction lots was €215 million. The development plans should generate, along their various stages of completion, estimated revenues for a total of €1,050 million (inclusive of the university campus).
The purchase and closing of the operation was realized with the consultancy of Scorza Law Firm for Aedes and Zambelli Luzzati Meregalli Law Firm for VICTORIA Italy Property GmbH.