Italy's Aedes Immobiliare plans to launch a EUR 1.2 bn real estate investment trust (REIT) by the end of 2008, CEO Luca Castelli said in a statement on Thursday. Failing that, the real estate group intends to buy a listed company and convert it to REIT status, known as SIIQ in Italy, by December. In the latter case the company will transfer assets worth EUR 400 mln to the new company, while a strategic partner will contribute another EUR 800 mln in assets. The SIIQ is expected to have asset under management of EUR 1.6 bn by 2010, the company said.
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