Risanamento has undersigned with SociÃ©tÃ© FonciÃ©re Lyonnaise (SFL) a preliminary contract of sale for the acquisition of a real-estate portfolio for a counter value of â¬99 million. The closing date is expected to be no later than June 30th 2005.
The assets purpose of the operation consist of the most valuable and quality assets of the net assets of SFL.
In particular, the portfolio includes 3 property units located in the center of Paris and more specifically, in the eighth district. The real assets with mixed intended purpose (service-industry/commercial/residential), have an overall surface of approximately 22,000 mÂ² and are all rented.
This operation is part of the widest strategy undertaken by the Risanamento Group, focusing on highly valuable real estate portfolios and highly potential development initiatives such as Milano Santa Giulia and the recent acquisition of the Falck Area.
The geographic diversification of the investment allows the Risanamento Group to continue the development of its own strategy within the foreign real estate markets, in particular to strengthen its position on the Paris market, considered as one of the most important and liquid of the European and international panorama.
With regard to this, on September 17th, 2004, Risanamento purchased from SFL a valuable real-estate portfolio in Paris with an overall surface of 23,000 mÂ² intended mainly for the residential sector.
Source: Freeman News