An investor consortium led by businessman Stefano Stroppiana has made a formal offer for Risanamento's entire Santa Giulia mixed-use development project in Milan.
An investor consortium led by businessman Stefano Stroppiana has made a formal offer for Risanamento's entire Santa Giulia mixed-use development project in Milan.
Milan-listed property developer Risanamento had been in talks since April with the consortium, which includes Stroppiana, the Chief Executive of Premium Retail, as well as the Super Ocean Real Estate fund of Shanghai, construction group Viedo and entrepreneur Santo Versace.
In a statement to the Italian stock exchange on Thursday, Risanamento said it is currently negotiating the conditions of the purchase agreement with the potential buyer, which has just completed due diligence. The offer is understood to value the landmark development site at EUR 1.2 bn, to be paid partly in cash partly through the assumption of corporate debt.
Banca Leonardo is advising on the deal.
Designed by Norman Foster, the Milano Santa Giulia development comprises almost 1 million m2, mostly for residential, office, and retail use.
The operation follows Risanamento's sale last year of the Falck development site to a consortium including Bi & Di Real Estate and Korean group Honua Investment Management for EUR 405 mln.
Stroppiana is the head of Premium Retail, a retail development company owned by Stilo Immobiliare Finanziaria, part of the Percassi family holding. The Milan-based firm has completed a number of retail projects in Italy including the Sicilia Fashion Village.
Super Ocean Real Estate Fund was founded in 1993 by its chairman, Ye Lipei, one of the richest men in Shangai. It operates as a property developer in Shanghai and Beijing, with a portfolio including residential projects, office buildings, and other commercial properties.