Aedes has purchased from Risanamento the entire equity interest held in Mercurio S.r.l., a company that owns a buildable 165,000 m² area to be devoted to retail shops in Naples. The total price was €80.6 million, an amount that may vary to within €5/+€10 million, depending on the final authorized retail areas.
The deal will enable Aedes to enhance the value of an area where a multi-story shopping center will be built, for a total usable area of approximately 66,000 m², with annexed parking spots.
The project is quite interesting because it is the first regional shopping center located in the urban heart of Naples, and commercially it is one of the most important in Southern Italy. The area is located near the Garibaldi train station, and is close to the main highway connections and accesses.
Following this transaction, Aedes has strengthened its retail activities on both the domestic and the foreign markets, especially after the recent acquisitions in Sweden and Germany.
This deal is part of a larger strategy designed to improve and develop urban areas as well as provide high value-added services.
On September 29, 2006, to rebalance its property assets, Aedes sold to Gruppo Risanamento a portfolio of 12 buildings, held directly or through associated companies for trading, office and logistics purposes and no longer considered strategic for Aedes's business plan. The portfolio is valued at €73.5 million and the disposal generated cash for approximately €33 million and a reduction of debt for around €40 million.