The Bank of Italy has authorised the launch of Ariosto, the closed real estate investment fund reserved for qualified investors and managed by Aedes BPM Real Estate SGR. Ariosto will be a private assets and cash fund, in which part of the real estate assets may be contributed by Aedes. The lifespan of the fund will be 10 years with a real estate investment target of €375 million, which may be increased by means of subsequent issues.
The new fund further expands the portfolio of Aedes BPM Real Estate SGR
products, joining the other 3 real estate funds managed by the company and
the two that are shortly to be launched:
Investietico, listed on the Italian Stock Exchange and held by over 14,300
Dante Retail, a fund specialised in the retail segment;
Virgilio, a fund specialised in the development of marinas;
Boccaccio, a fund specialised in retail properties;
Petrarca, a fund specialised in office properties.
With this authorisation, the total investment target for the Aedes BPM Real
Estate SGR authorised funds, some already in operation and others to be
launched by the end of 2007, amounts to 2,060 million.
Yesterday, the Executive Committee of Aedes S.p.A. also decided to proceed with an application to obtain authorisation for a speculative fund management company, either newly established or to be acquired in future, the purpose of which will be to manage closed real estate funds of an opportunistic nature, reserved for qualified investors both in Italy and overseas. These funds will be specialised by product: residential, development, retail, tourism, offices and trading, and will have a 5 to 7 year lifespan. With the launch of real estate funds of an opportunistic nature, the Aedes business model is evolving towards a more transparent organisational model which is already established internationally and is therefore able to attract a larger number of qualified investors.
Source: Aedes Group