Italian REIT Aedes has confirmed that it is in exclusive negotiations with US privately-held developer-investor Hines with a view to selling the business for an undisclosed amount.
In a statement, Aedes confirmed that it has received a non-binding offer from the US group, as reported by PropertyEU in early March, and added that it has granted Hines exclusivity until the end of April.
The entire share capital of Aedes is being sold by the Augusto holding under administration.
PropertyEU reported in early March that Hines was in advanced discussions to take over Italian listed property development firm Aedes. According to well-informed market sources, the operation is valued at around €200-300 mln.
Aedes, which benefits from a REIT tax-efficient regime, was put up for sale through advisor Rothschild & Co Italia spa last autumn. The bulk of its assets are retail properties (44% of the portfolio) with offices representing another 19.5%. The firm’s largest development is a 130,000 m2 mixed-use project in Caselle near Turin.
US group Hines is thought to plan to use the platform to speed up its logistics property development activities in the country.