Italian real estate developer Risanamento said that it has completed the sale of a real estate portfolio consisting of a number of projects and buildable land to Gruppo Ipi for around EUR 43 mln. The disposal, first agreed in August last year, is part of the company's debt restructuring plan.
Italian real estate developer Risanamento said that it has completed the sale of a real estate portfolio consisting of a number of projects and buildable land to Gruppo Ipi for around EUR 43 mln. The disposal, first agreed in August last year, is part of the company's debt restructuring plan.
The portfolio comprises an area to be developed in Agnano, near Milan, an industrial complex in Villastellone, near Turin, the former Snia area in Pavia as well as a hotel project in Napels, a logistics centre in Turin, office properties in Gessate, near Milan, a public services property in Genoa and plots of land in Genoa and Rome.
'The development of the acquired assets will represent an opportunity to create value, increasing the company's owned real estate ssets and the diversification of its portfolio in terms of asset type and location,' Turin-based Ipi said in a statement.
Milan-listed Risanamento, which is facing some EUR 2.8 bn in debt, is holding an extraordinary shareholders' meeting at the end of January to approve a EUR 150 mln capital increase and a EUR 350 mln bond issue. The company expects a full-year loss of about EUR 250 mln for 2009.
