The shareholders of Italian proptech Casavo, a scaleup that Giorgio Tinacci founded, turned down their preemption rights for the 30 million euros worth hybrid instruments (10.9% of the firm) that the company issued earlier in July (see here a previous post by BeBeez). The company attracted the interest of Softbank and Balteron Capital. However, some of the company’s shareholders already invested in such instruments that will turn in equity stakes if the company will raise 20 million from new investors or relevant liquidity through an IPO.
PGIM Real Estate and Cittamoderna AM signed a joint venture for carrying on rensidential investments in Italy (see here a previous post by BeBeez). The jv also started the development of a 7000 sqms area in Milan for building 100 ESG-compliant units to sell. Banco BPM financed the transaction. PGIM and Cittamoderna appointed as advisors Shearman and Sterling, Todarello & Partners and Avalon. DILS acted as broker. Musie Bocrezian is the Head of Italy Transactions for PGIM Real Estate
