General Manager Giovanni Maria Paviera to leave Aedes Immobiliare (IT)

Pursuant to the partnership agreement and confirming Aedes’strategy directed to develop Real Estate funds, Mr. Giovanni Maria Paviera leaves the assignment of Aedes’s General Manager to become General Manager and Director of Bipiemme Real Estate SGR S.p.A., a company which belongs to BPM Group and of which Aedes currently owns a share of 5%.

Mr. Giovanni Maria Paviera leaves the assignment due to an incompatibility of the positions and his proxies are temporarily assigned to the Chief Executive Officer, Mr. Luca Castelli.

The new assignment of Mr. Giovanni Maria Paviera confirms Aedes’ strategy (approved last June) turned to a progressive conversion from a Property company to a Management company activated in the real estate fund segment, in the development of real estate services, trading activities and development ventures.

On the last 29th September has been signed an agreement with Bipiemme Group, in order to create a partnership in REIF sector; the partnership also provides the mutual recognition of put and call option, respectively to Banca Popolare di Milano and to Aedes, of a further share of 46% of Bipiemme Real Estate SGR. These options will be exercisable after the placement of the first reserved real estate fund, that has to take place within 12 months from the signing of the partnership.

The guidelines of the agreed business plan, foresee the creation and the placement of real estate funds reserved to institutional investors. For these funds Aedes, also through its controlled companies, will act as a sole Global Advisor Activities, Property Management and Agency; BPM, also through its companies, will act as a depositary bank, cash management and distribution, even if not in an exclusive basis.

Mr. Giovanni Maria Paviera, Aedes’ General Manager since September 2003, gained significant experiences in major financial and real estate companies, such as Arthur Andersen, IFIL, Gabetti, Ernst & Young, IPI and Lingotto.

Source: Aedes Immobiliare

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