Sunday, December 7, 2008

Italy's Aedes approves 150 mln euro capital rise

Isoldi Immobiliare will put up 50 million euros towards the capital increase and Amenduni 45 million euros. Other investors are ready to put up 20 million, it said.

Amenduni owns 14.8 percent of Aedes.

After the capital increase Aedes will set up a new unit in which it, Isoldi and Amenduni will contribute 200 million euros worth of real estate. Isoldi will contribute 100 million euros to the unit, it said.

The commitments are conditional on the valuation of the real estate, approval by Dec. 31 of a new Aedes business plan, and agreement by Jan. 31 with bankers on a restructuring of Aedes's debt, it said.

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Tuscany Real Estate

Tuscany Real Estate