Barrack’s Colony Bidding for Italy Property Company Risanamento

Tom Barrack’s Colony Capital LLC and a former chief executive officer of Risanamento SpA are making a joint bid for the Italian developer and property manager.

OUI SpA, 70 percent owned by Colony, made an offer for the Risanamento shares held by banks including Intesa Sanpaolo SpA, UniCredit SpA and Sistema Holding, Milan-based Risanamento said in a statement today. OUI will also make a legally-required offer for the publicly traded shares.

Colony’s investments in Europe include stakes in hotel operator Accor SA and supermarket chain Carrefour SA as well as office and retail assets and property-backed loans. Risanamento last month agreed to sell nine commercial properties in Paris’s central shopping district for 1.23 billion euros ($1.7 billion). The company will realize a gain of more than 230 million euros after paying debt related to the assets, it said in a statement.

Former Risanamento Chief Executive Officer Luigi Zunino owns the other 30 percent of OUI, according to the statement. Zunino made a separate 25 cents a share bid for the company in June, according to a statement at the time. Risanamento has a market value of about 190 million euros.

OUI may offer 20 cents a share for the property company, Il Sole 24 Ore reported today, without saying where it got the information. Risanamento said it’s unable to comment on the bid because it hasn’t received any communication from shareholders.

Colony didn’t immediately respond to an e-mail seeking comment on the bid.

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