Italian real estate developer Risanamento may look at an offer made by the Arab fund Limitless for its vast redevelopment of the Falck steel factory in Sesto San Giovanni, near Milan, Italian newspaper Il Sole 24 Ore reported on Thursday. The area has a book value of some EUR 300mln, but could fetch as much as EUR 750mln, according to the paper.
Italian real estate developer Risanamento may look at an offer made by the Arab fund Limitless for its vast redevelopment of the Falck steel factory in Sesto San Giovanni, near Milan, Italian newspaper Il Sole 24 Ore reported on Thursday. The area has a book value of some EUR 300mln, but could fetch as much as EUR 750mln, according to the paper.
Risanamento, which is headed by Luigi Zunino, was said last month to have been approached by two Arab funds, Mubadala and Limitless, for its major development projects Milano Santa Giulia and the Falck area. The company, which last month admitted to being 'particularly affected' by the turmoil in the financial markets, had said earlier it was putting its trading properties and other real estate assets - estimated to be worth up to EUR 1bn - on the market to help improve its debt situation. The company ended 2007 with a net debt of EUR 2.5bn.
