Italian fashion giant Prada was on Friday reported to be looking at ways to raise fresh funds through a 200-300 million euro securitisation backed by its massive real estate assets.
Quoting market sources, media reports claimed the operation may take place before the end of this year but that it was “complicated” due to the fact its real estate is spread all over the world.
Prada declined to comment on the rumours which claimed the firm may sell its real estate assets to a company in which it takes a stake, and then lease the assets back.
Prada recently postponed its IPO at the last minute which would have helped it pay off some of its $962m debt – a legacy of its spending spree of the 90s when it acquired upscale brands such as Jil Sander and Church’s shoes.
Source:www.just-style.com
Date:8/2/2002
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