20 December, Milano Finanza
The exposure towards the company of Giuseppe Statuto is one of the main points in the plans of Banco Bpm. The bank guided by Ceo Giuseppe Castagna has credits for over 900 million euro towards the developer. Yesterday Statuto was sentenced to home detention due to fraudulent bankruptcy by the Court of Rome, as it deemed him guilty (along with his partner Massimo Negrini) for the collapse of Brera Srl. The investigations found a credit for 8 million towards the sub-holding Michele Amari owned by Statuto himself.
Banco Bpm has been claiming that credit for a long time, and last year the developer had to sell some properties to repay part of the debt, which was decreased to 730 million euro in this way. According to Milano Finanza, the process is still ongoing. In fact, Statuto has recently completed the sale of other two properties owned by one of his companies. The assets are two properties in Milan city centre, whose sale helped reducing the exposure towards Banco Bpm. Moreover, also Intesa Sanpaolo has been monitoring the dossier after the acquisition of Veneto Banca, considering the exposure of the developer for 126 million. Monte dei Paschi di Siena is also checking Statuto due to his 170-million-euro debt.
However, the collection will be more difficult after the arrest for bankruptcy. In fact, the developer was the head of the entire group owning real estate assets for over one billion at the end of 2017. These assets are very appealing for banks as well as other players, speculative funds included. The portfolio includes the Danieli Hotel in Venice (appraised value 330.9 million), the Four Season (estimated market value 306 million), the Mandarin Oriental in Milan (worth 280 million) and the San Domenica in Taormina (valued 49.2 million euro). There haven’t been any problems with the companies managing the hotels so far. Meanwhile, the construction site of the W Hotel In Piazzetta Bossi in Milan has been blocked.
Source: Milano Finanza
Translator: Cristina Ambrosi