AbitareIn: heading for liquidation

The Board of Directors has also resolved to convene an extraordinary general meeting of shareholders on 17 December 2026 at 5.00 pm, to vote on the proposal for the early dissolution of the company ‘pursuant to Article 2484, paragraph 1, point 6 of the Civil Code’.

“As is well known,” explains the company’s statement, “the residential property development sector in the Municipality of Milan is affected by a persistent standstill in town planning and building procedures, which has led to a virtual halt in the issuing of planning permissions and significant uncertainty regarding the timing and methods of implementing new projects. The most recent planning permission obtained by the AbitareIn Group for a residential project dates back to the end of 2023, and, in fact, the 14 projects sold in July 2026 were all awaiting authorisation. This disposal enabled the company to convert assets, whose development timelines were unpredictable, into a certain sum, thereby reducing the company’s risk profile. The situation described, which has now persisted for an extended period, has had a decisive impact on the company’s ability to launch and develop new projects in its target market.”

The decision comes after the group led by Marco Grillo finalised finalised the deal with Techbau for the sale of 14 special purpose vehicles owning the same number of residential projects, mainly in Milan and one in Florence. The total value of the transaction (enterprise value) stood at €141.1 million, an increase of €5.8 million compared with the figure set out in the preliminary contract, following the finalisation of a new deed of sale. Overall, these were property developments totalling approximately 164,000 square metres, all of which lacked the necessary planning permissions to commence construction. At the time, the company’s chief executive explained that the transaction responded ‘the need to reduce the group’s overall risk profile’ and that it enables the company to ‘further develop its business model through partnerships with other industrial and financial operators, including via service contracts’.

The company’s performance is being weighed down by the now structural situation in Milan, linked to the ongoing slowdown in the planning approval process following the major investigation into the town planner which began three years ago in Milan: a situation which the company no longer regards as a temporary phase but as a structural change in the sector’s operating conditions, exacerbated by the uncertainties linked to the national debate on urban regeneration.

Upon completion of the transaction with Techbau, the board of directors had also approved a request for voluntary withdrawal from the Star segment of Borsa Italiana. This decision reflects the downsizing of the group, which means that compliance with certain requirements for Star-listed companies – such as the publication of quarterly results – is no longer significant, given that the organisational effort involved is no longer proportionate to the current scope of operations. At the time, however, the board of directors had made it clear that the shares would in any case remain and continue to be traded on Euronext Milan.

Following the mid-summer transaction, however, in October Techbau exercised a put option on its shareholdings in two of the 14 target companies sold last July. The repurchase took place at the same value recognised in the transaction, totalling 12.1 million for the two companies, subject only to an adjustment for changes in the net financial position as at the date of the resale. The consideration was paid in full through a partial set-off against the third instalment of the transaction price, due by 9 September 2027, which will be reduced accordingly. Consequently, no cash outlay was required on the part of AbitareIn.