Italian developer Risanamento has extended the final date for receiving a binding offer from an investor consortium led by businessman Stefano Stroppiana on Milan's Santa Giulia until December 15.
Italian developer Risanamento has extended the final date for receiving a binding offer from an investor consortium led by businessman Stefano Stroppiana on Milan's Santa Giulia until December 15.
It is the second time that the Milan-listed property developer Risanamento has postponed the deadline after the initial May deadline was extended to October. Risanamento has 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.
The offer is understood to value the landmark development site at EUR 1.2 bn, to be paid partly in cash and 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.
