* Colony Capital makes joint offer with Zunino
* Offers 0.20 euros/shr to creditors, Zunino
* Offers 0.25 euros/shr for remaining shares
* Pledges to take on debt, buy Paris property
MILAN, Feb 21 U.S.-based investment fund Colony Capital offered on Friday to pay 0.25 euros a share for listed shares in loss-making Italian real estate group Risanamento not held by its creditors and founder Gianni Zunino.
Debt-laden Risanamento was the biggest Italian real estate casualty of the credit crunch of 2009, when falling property prices and the end of easy bank lending made its large debts hard to sustain.
The offer represents a 5 percent premium to Risanamento's closing share price on Thursday, before which the shares had already rallied by more than 10 percent after press reports about the offer.
The offer, for which Colony Capital has teamed up with Zunino, would only be launched if five Italian creditor banks which hold nearly 64 percent of Risanamento first accept an offer at 0.20 euros a share.
The cash component of the offer is worth around 167 million euros in total, below Risanamento's current stock market value of 265 million euros according to Thomson Reuters data.
But the offer also includes sweeteners in the form of a pledge to take on part of Risanamento's debt as well as the purchase of a Paris property for 195 million euros.
Colony Capital, owned and founded by U.S. investor Tom Barrack, also said the deal would also involve the transfer of some assets and liabilities to the banks.
The creditor banks are IntesaSanpaolo, which alone owns 36 percent, UniCredit, with 14 percent, Banco Popolare, Monte dei Paschi di Siena and Banco Popolare di Milano.