March 20 (Bloomberg) -- Risanamento SpA, the Italian real- estate developer led by Luigi Zunino, said it’s no longer in talks with Dubai’s state-owned Limitless LLC about the sale of a Milan project for 475 million euros ($644 million).
“There are no longer negotiations for the asset sale,” after a December preliminary agreement to sell the development, in Sesto San Giovanni, expired, Milan-based Risanamento said in a statement late yesterday. It didn’t give a reason. A phone call by Bloomberg to Limitless in Dubai, where most businesses are closed today, went unanswered.
Risanamento slumped as much as 23 percent in Milan trading. The company, created in 2002 through a merger, is tapping 75 million euros in credit lines after amassing 2.6 billion euros in debt from buying offices and homes from Paris to Manhattan. The developer said Feb. 23 that it had used 44.1 million euros of the credit lines arranged in December with banks including Intesa Sanpaolo SpA and UniCredit SpA.
