Troubled Italian real estate developer Risanamento has confirmed rumours that it is in talks with a group of investors to divest its vast Falck redevelopment project in Milan's Sesto San Giovanni district. 'Risanamento has started negotiations after being approached by important national and international real estate operators,' the company said.
Troubled Italian real estate developer Risanamento has confirmed rumours that it is in talks with a group of investors to divest its vast Falck redevelopment project in Milan's Sesto San Giovanni district. 'Risanamento has started negotiations after being approached by important national and international real estate operators,' the company said.
The company has signed a confidentiality agreement while a binding accord has yet to be reached, it added.
The announcement by Risanamento comes shortly after Italian weekly Il Mondo reported that a group of investors including the Koreans of Honua Group and businessmen Davide Bizzi and Andrea Dini were teaming up to buy the Falck area for as much as EUR 480 mln.
This is the second attempt by the Milan-listed developer to sell the massive project, after abordted talks last year with Dubai's sovereign wealth fund Limitless to sell the site for EUR 475 mln.
