US investment group Colony Capital has unveiled plans to launch a takeover office for troubled Italian developer Risanamento.

US investment group Colony Capital has unveiled plans to launch a takeover office for troubled Italian developer Risanamento.

Oui, a company 70% owned by Colony Capital and 30% by Risanamento's founder Gianni Zunino, plans to offer €0.25 a share for listed shares in the company not held by its creditors.

The bid, representing a 5% premium on the company's share price prior to the announcement, would only go ahead if Risanamento's five creditor banks first accept €0.20 a share for their combined 64% stake in the company.

As part of the operation, Tom Barrack's Colony Capital will also take over some of the company's debt and buy one of the company's flagship offices in Paris for €195 mln.

The creditor banks are IntesaSanpaolo, which alone owns 36%, UniCredit, with 14%, Banco Popolare, Monte dei Paschi di Siena and Banco Popolare di Milano.

The troubled Italian developer is in strong need of a recapitalisation and has recently announced it would accept an offer launched by a joint venture of UK investor Chelsfield Partners and the Saudi Olayan Group for its office portfolio in France.

The investment volume will be in the region of €1.2 bn.

Chelsfield is controlled by Qatar Holding, the Olayan Group, the Bank of East Asia and the family interests of Elliott Bernerd and Sir Stuart Lipton.

The company focuses on UK commercial real estate and the deal would represent its first foray outside its home market.

The Olayan Group is a private Saudi conglomerate.

Risanamento's nine properties in Paris represent some 50% of its total portfolio and account for a total of 76,700 m2 of offices. Major properties include 50 Avenue Montaigne, which was bought in 2005 from Unibail-Rodamco for €233 mln as well as the Actualis mixed-use building, bought at the market peak in 2006 from Financière Pinault for €230 mln. The office and retail scheme provides 20,000 m2 of space at the corner of Rue de la Chaussée d’Antin and Boulevard Haussmann.

The assets are largely located in the prime Triangle D’Or area and generated €12.3 mln of rents in the first three months of the year. At end-2012, Risanamento's French properties had a market value of €1.05 bn and debt of €757 mln.