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Mon 22 Jul 2013 02:19 PM

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Italian developer says no bid from Qatar for assets

Qatar Holding said to have approached shareholders of Italy's Risanamento – report

Italian developer says no bid from Qatar for assets
(AFP/Getty Images - for illustrative purposes only)

Italian property developer Risanamento has not received a bid from Qatar Holding and Hines Development, it said on Monday, after a newspaper report that the duo were looking at its assets sent its shares higher.

Italy's Il Sole 24 Ore said on Sunday the Qatari sovereign wealth fund had approached shareholders in Risanamento, which is struggling to return to profitability after avoiding bankruptcy in 2009, about buying assets in France and Italy.

Risanamento said it had received some expressions of interest in its Parisian holdings from international investors in the recent past, but had not considered selling the assets.

The Parisian properties and the Santa Giulia redevelopment area in Milan are the crown jewels of Risanamento, whose founder Luigi Zunino presented a takeover bid in June to regain control of the company after a court made two banks its main shareholders.

Qatar's royal family has trodden the acquisition trail in Italy before, snapping up fashion house Valentino last year for 700 million euros ($920m).

In May, the Qatari fund acquired a 40 percent stake in a real estate development in Milan managed by Hines Italia, the other company Il Sole 24 Ore said was involved in a bid for Risanamento's assets.

Qatar Holding and Hines Italia declined to comment.

Shares in Risanamento surged more than 8 percent to a four-week high during the morning.

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