Prime Acquisition To Buy Commercial Real Estate Assets In Italy

MILAN — Prime Acquisition Corp., a special purpose acquisition company, and Bhn S.r.l a privately-held company, announced that they have entered into a binding Letter of Intent in connection with a proposed business transaction, valued at about $200 million.

Bhn S.r.l is a financial and strategic advisory boutique based in Milan. It is advising on the formation of a company, the target, which will exchange for ordinary shares an attractive portfolio of commercial real estate assets in Italy.

This portfolio of commercial real estate assets is valued at about $200 million and the consideration consists of a combination of equity and assumption of debt.

Prime will issue 2.5 million ordinary shares to the target’s shareholders at $10.00 per share and will assume the target’s favorable terms under debt obligations of around $175 million.

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