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Italian real estate company Aedes Immobiliare said its board has approved a bid by a joint venture of Vi-Ba, part of Italian steel group Amenduni, and real estate firm Isoldi Immobiliare, to buy a stake in the Milan-based firm as part of a EUR 150 mln capital increase. The company said late on Thursday that it plans to launch a EUR 150 mln capital increase to be underwritten by the bidders for an amount of at least EUR 115 mln.

Isoldi Immobiliare will invest EUR 50 mln in the capital increase and Amenduni EUR 45 mln. Other co-investors are ready to put up EUR 20 mln, Aedes said. Amenduni owns 14.8% of Aedes.

After the capital hike Aedes will set up a new unit in which it, together with Isoldi and Amenduni will transfer up to EUR 200 mln worth of real estate assets. Isoldi will contribute around EUR 100 mln worth of property to the new company, it added. Aedes will later on seek to incorporate the new unit into its main business. The commitments are conditional on the valuation of the real estate, approval by year-end of a new business plan, and agreement by end-January with creditor banks on a restructuring of Aedes' debt.

Aedes added that it is still in talks with banks for the rescheduling of a EUR 300 mln debt facility into a new five-year loan and the refinancing of additional debt.

The company said last month that it was considering other options to shore up its shaky finances after investment company Sopaf pulled out of talks on a deal under which it would have taken a stake in the debt-laden property firm.

Back in September Aedes said that it had chosen Sopaf to take part in a EUR 150-200 mln capital increase to help pay down EUR 400 mln in debt. As part of the capital raising, Sopaf was to inject equity of EUR 171 mln, it added. At the time, Aedes said that Sopaf would help the company in its negotiations with creditors to restructure its debt. Listed on the stock exchange since 1924, Aedes has a portfolio of EUR 5.4 bn in property assets.