Risanamento includes the Zunino group’s major development areas, such as Montecity-Rogoredo and Porta Vittoria. Montecity and Rogoredo were decommissioned industrial areas for which separate redevelopment projects were in place at the time of purchase. Zunino, however, immediately understood the enormous potential of these areas, if well thought-out and redesigned as a single entity. When the integrated project for the area was submitted to the Municipality, a strategic intervention process for the development of Milan was initiated in 2000; this process was finalised in 2004 with the signing of the planning agreement between the Milan Municipality and the Lombardy Region. On the 16th of March 2005 the Agreement implementing the Integrated Action Plan of Milano Santa Giulia between the Municipality of Milan and Milano Santa Giulia S.p.A., company wholly owned by Risanamento S.p.A., was entered into. The signing of the Agreement represented the final step that initiated the implementation of the project.
This will result in Milano Santa Giulia, a new, large district in the heart of Milan, designed by Normal Foster and built in a perfect area between the city-centre, Linate and the ring-road, completely independent and provided with all kinds of facilities.
Porta Vittoria – another strategic area for its location and the dense network of infrastructures – was acquired in 2001, following a call for bids by Metropolis, in which 35 Italian and foreign companies took part. On the 4th of February 2005 Risanamento S.p.A. signed a preliminary contract with Gruppo Coppola for the trasfer of such area. Risanamento’s expansion has continued over the last 2 years: in 2003, with the purchase of IPI, a Fiat Group company that has always been active in the real estate sector and, still in the Fiat sector, with the purchase of income producing building and development area package. The majority of the shares of IPI were following tranferred to Gruppo Coppola on the 17th of February 2005.
In July 2004 was also reached an agreement for the purchase of a high-value real estate portfolio in Paris, and the transfer of part of the real estate in Naples. The widest strategy undertaken by the Risanamento Group, focusing on highly valuable real-estate portfolios and highly potential development initiatives, including a geographic diversification of the investment, has lead the company to sing a preliminary contract, with SFL, on the 18th of March 2005, of sale for the acquisition of a real-estate portfolio for a countervalue of Euro 99 million. In particular, the portfolio includes 3 property units located in the centre of Paris and more specifically, in the eighth district.
At the beginning of 2005 Risanamento also purchased 100% of Immobiliare Cascina Rubina S.r.l., company that owns the areas of approximately 150 hectares, located in the Municipality of Sesto San Giovanni, better known as “ex Falck Areas”. This purchase is fully integrated in the core-business of Risanamento aiming at the improvement and requalification of highly potential real assets present on the Italian and foreign territory.
Risanamento has also promoted major financial operations of the Group: the capital increase of 225 million Euros in December 2002 finalised to reinforce the real estate development core-business; following this operation Luigi Zunino’s share in Risanamento rose to approximately 74%; and then the voluntary Tender Offer on the Bonaparte Finance S.A. bonds in April 2004, aiming at reinforcing and optimising the Group’s financial structure.
In 2004, M. Zunino tried to acquire – with the partnership of Caisse des depots et consignation – in a competitive process – SFL Société Foncière Lyonnaise listed SIIC company. Risanamento entered in a due diligence process but unfortunately was not chosen to buy the shares of SFL. Risanamento at this stage, is considered a new institutional operator in the French market.
In 2004 – with SFL – Risanamento acquired 3 assets in the famous Triangle d’Or.
The first one was: 17 – 19 avenue Montaigne 75008, Retails and offices, in 2004;
The second was a block of 8 buildings : 39-41 rue François 1er, 4-6 rue de Cerisoles;
– 22-24 rue Clément Marot, 17-19 rue Marbeuf, retails, residential and offices, always in the Famous Triangle d’Or, and 7 rue du cirque, offices.
In 2005 Risanamento acquired a portfolio of 3 assets:
– 17 rue Saint Florentin, retail corner with offices;
– a block of 4 buildings: 28-30 rue d’Astorg, Paris 8ème, 22 rue Lavoisier, Paris 8ème, 43 boulevard Malesherbes, Paris 8ème ;
In 2006 Risanamento completed 4 acquisitions:
– Unibail a listed company, sold to Risanamento 100 % of the shares of 50 Montaigne Spv, including the building of 50 Montaigne, Paris 8ème.
– M. Bernard Arnaud owner of LVMH sold to Cav. Luigi Zunino the building at 54, avenue Montaigne;
– Francois Pinault owner of Kering sold to Cav. Luigi Zunino a block of buildings:
21, boulevard Haussmann, Paris 9ème
22, rue de la Chaussée d’Antin, Paris 9ème
– SFL sold to Risanamento 100% of the shares of the Champs Elysees Spv, including 118 Avenue des Champs Elysées Paris 8ème.
With this last acquisition, Cav Luigi Zunino achieved his strategy of acquisition in France. Risanamento acquired in short time, 831 Million Euro of buildings. With an increasing of the Rental revenue, permitted to sale the entire portfolio for 1,350 Billion Euro. As today the value of the French portfolio is about 2 billion Euro considering a market yield at about 2,5% for the retail incomes and 3% for the offices.
The story of Luigi Zunino and his Group is characterised by a great dynamism, but it is also based on coherent strategic choices that are pursued with an eye to future progress, but always with the aim of developing the group and creating value. Luigi Zunino is pleased to state that, in a market where speculation prevails, his aim is to make real estate a true industry, closely linked to finance.
On 2nd June 2003, Luigi Zunino received the title of “Cavaliere del Lavoro” (an Italian knighthood recognizing professional excellence); he is one of the youngest entrepreneurs to have been awarded with this prestigious title in the hundred-year-old history of the Order.