Investor group Fenice has subscribed to around 117 million non-voting B shares in listed Italian group Prelios for a total 鈧�70 mln as part of a reserved capital increase.
Investor group Fenice has subscribed to around 117 million non-voting B shares in listed Italian group Prelios for a total 鈧�70 mln as part of a reserved capital increase.
In an update issued on Wednesday, Milan-based Prelios said 鈥榮ignificant progress鈥� had been made in the group鈥檚 capital raising efforts.
Besides the 鈧�70 mln reserved capital increase, Prelios has also launched a 鈧�115 mln capital increase to the market for which the offer period ends on 8 August. Together, the two operations aim to raise a total 鈧�185 mln in capital.
Fenice consists of Feidos 11, owned by businessman Massimo Caputi who was appointed vice-president of Pirelli in May, Pirelli & C, Intesa Sanpaolo and UniCredit.
Feidos subscribed to 鈧�20 mln of the 鈧�70 mln, while the remaining 鈧�50 mln has been divided between Pirelli & C (鈧�23 mln) and Intesa Sanpaolo and UniCredit (sharing the 鈧�27 mln in equal amounts).
The capital raising exercises form part of wider plans to recapitalise Prelios and reposition it as an integrated real estate services firm.
