Italian developer Risanamento has admitted being 'particularly affected' by the turmoil in the financial markets, but the company has vowed to take specific steps to regain its 'economic-financial balance'.
Italian developer Risanamento has admitted being 'particularly affected' by the turmoil in the financial markets, but the company has vowed to take specific steps to regain its 'economic-financial balance'.
Risanamento said it expects to make progress on its disposal programme in coming months 'given the high quality' of its assets. At end-March, the property developer said 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 finished 2007 with a net debt of EUR 2.5bn.
Risanamento blamed a widening of its losses to EUR 39.2mln in the first quarter of 2008 from EUR 15.4mln in the same period a year earlier on a slowing of its asset sell-off.
On a more positive note, Risanamento said work was proceeding on its two big development projects, the Santa Giulia neighbourhood in Milan and the vast re-development of the Falck steel factory in Sesto San Giovanni, near Milan.
