Aedes SIIQ SpA is looking to partially demerge to separate the activities of a real estate investment trust from trading and opportunistic real estate activities.
The demerger would create two companies listed on the Italian Stock Exchange's MTA main market. The diversified REIT is seeking stockholder approval for the proposed spinoff at an extraordinary shareholder meeting scheduled for Sept. 27. The related grouping of Aedes SIIQ ordinary shares into a ratio of 1 new ordinary share for every 10 existing ordinary shares will also be considered at the meeting.
The beneficiary company, Sedea SIIQ SpA, will adopt the REIT model with a focus on the management and development of income properties, while the demerged company Restart SpA will target acquisitions of real estate assets with the goal of enhancing their value and reselling them.
The shares of the beneficiary company, which will assume the Aedes SIIQ SpA name, are expected to start trading on the MTA at the end of the year.
In a release, the company said the demerger will allow the two entities "to pursue their own development strategies and improve their results."