MILAN Feb 14 Italian real estate company Risanamento said on Thursday it extended the deadline for the end of exclusive talks with fund Idea Fimit for the sale of the huge Santa Giulia development area on the outskirts of Milan.
The deadline was extended to March 31 from Feb. 15, the company said in a statement.
Parallel talks with U.S. private equity fund Global Asset Capital for the property have ended without a sale, Risanamento said.
Risanamento was the biggest Italian real estate victim of a financial crunch in 2009, when falling property prices and the end of easy lending forced it to restructure its debt.
The proposal from Idea Fimit foresees the creation of a fund with 60-80 million euros of fresh capital, into which the Santa Giulia assets, worth 650-700 million euros, would be transferred, people familiar with the matter told Reuters on Dec. 12.