A complex financial engineering operation between Lendlease, Risanamento, Santa Giulia and the creditors. To enhance the area and cancel the debt to the banks, with the Olympic deadline looming and the urgency of completing the area reclamation activities and the infrastructural works related to the Milan-Cortina 2026 winter games. binding agreements between Risanamento, the Lendlease group and the banks on the Santa Giulia areas in Milan. The board of directors of Risanamento yesterday approved the operation which envisages the merger of Milano Santa Giulia into Risanamento and the transfer of the so-called “Lotti nord” of the Santa Giulia project to a closed-end mutual fund managed by Lendlease Italy sgr which will purchase the areas for a total consideration of 648 million euros.
«In this context – explained the president of Risanamento Spa, Claudio Calabi – the reorganization will make it possible to eliminate the debt of the Risanamento group equal to 566 million towards the banks, which are Intesa Sanpaolo, Banco Bpm and Unicredit, which comes out as creditor and remains as a shareholder. Debt cancellation and certain valorisation a fair value market of the area will allow the Group to return to move freely on the market».
The cancellation of the debt will take place through the release by the fund of a portion of the financial debt subject to the moratorium according to the agreements, equal to 529 million in December 2022, and of the residual portion of the debt relating to a shareholder loan granted by Intesa Sanpaolo , equal to 37 million.
Subsequently, Intesa Sanpaolo will subscribe to category A1 units of the fund for an amount equal to the shareholder loan, while the other creditors will subscribe to category B2 units for an amount equal to the residual debt. Finally, a third-party investor attributable to Lendlease will pay money to release the category A2 shares and Risanamento will pay money to release the C shares.
Units in category C will entitle Risanamento to receive 50% of the fund’s residual cash flows after the distribution of the same flows to the other unit categories.
The whole operation will allow the continuation of the reclamation and filling activities of the intervention area and the functional ones for the works of Milano Cortina 2026 foreseen «over a period of about three years, receiving from the fund the amounts necessary for the completion of the works to realize”.