Risanamento Agrees to Sell 9 Paris Properties for $1.7 Billion

Risanamento SpA of Italy agreed to sell nine commercial properties in Paris to Chelsfield Partners LLP and Olayan Group for 1.23 billion euros ($1.7 billion)

The sale requires the city of Paris to waive its right to acquire the properties and is contingent on the completion of due diligence, Milan-based Risanamento said today in a statement. The company’s shares rose as much as 8.3 percent to about 24 cents in Milan trading, the highest since Aug. 1.

Risanamento will realize a gain of more than 230 million euros from the deal after paying debt related to the assets, according to the statement.

Risanamento’s properties in France total 82,000 square meters (880,000 square feet) and include commercial buildings in Paris’s Golden Triangle fashion district, according to the company’s website. Chelsfield, based in London, was involved in the development of U.K. regional shopping centers including Merry Hill and White City, the company said on its website. Olayan Group is based in Riyadh.

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