Italian property developer Risanamento said on Monday that it has signed a preliminary agreement to sell its flagship Milano Santa Giulia project in Milan to Bi Pi Elle Real Estate for an undisclosed amount. As part of the agreement, the company said it has received an initial payment of around EUR 100 mln. The transaction is expected to close by 31 March 2009.
Italian property developer Risanamento said on Monday that it has signed a preliminary agreement to sell its flagship Milano Santa Giulia project in Milan to Bi Pi Elle Real Estate for an undisclosed amount. As part of the agreement, the company said it has received an initial payment of around EUR 100 mln. The transaction is expected to close by 31 March 2009.
Designed by Norman Foster, the Milano Santa Giulia development comprises almost 1 million m2, mostly for residential, office, and retail use. The project was expected to fetch up to EUR 700-800 mln.
Risanamento also said a final agreement with Limitless regarding the sale of the vast Falck redevelopment project located in Milan's Sesto San Giovanni could be reached 'within the next few days'. The company said in early January that it had signed a preliminary agreement to sell the development to the Dubai fund for around EUR 475 mln, of which around EUR 250 mln will be paid at the closing of the transaction and the rest within 12 to 24 months.
