Italian listed property company Risanamento has unveiled a new strategic plan to improve its cash resources and to guarantee that the group's financial needs will be met. The plan, which is currently being analysed by its creditor banks, envisages the transfer of its flagship Falck project in Milan's Sesto San Giovanni to a fund managed by Castello SGR and controlled by the company's creditor banks.
Italian listed property company Risanamento has unveiled a new strategic plan to improve its cash resources and to guarantee that the group's financial needs will be met. The plan, which is currently being analysed by its creditor banks, envisages the transfer of its flagship Falck project in Milan's Sesto San Giovanni to a fund managed by Castello SGR and controlled by the company's creditor banks.
Under the plan, Risanamento will also continue to divest its trading portfolio with part of the assets to be transferred to its creditors, which will also assume the debt linked to the properties.
The new business plan follows the collapse of negotiations with Dubai's sovereign wealth fund Limitless in April this year regarding the sale of the Falck area.
Risanamento announced in December that it was close to reaching an agreement with Limitless on the sale of the vast Falck area for as much as EUR 475 mln.
