TL;DR
- AbitareIn will buy back up to 9.70% of its own shares at EUR 3.10 each, for at most EUR 7,999,999.50, between 9 and 27 November (AbitareIn release, Il Sole 24 Ore).
- Shareholders vote on early liquidation on 17 December 2026; the company says its last building permit dates from the end of 2023 (AbitareIn release, Milano Finanza).
- The permit freeze is the company's own account, and one developer is not the Milan market.
What did AbitareIn actually propose?
On 6 November the board of AbitareIn, a residential developer listed on Euronext Milan, launched two moves at once, according to Il Sole 24 Ore and the company. The first is a partial tender offer for its own shares: up to 2,580,645 of them, or 9.70% of capital, at EUR 3.10, according to the company's release. That price is a 12.33% premium to the official price of EUR 2.75964 on 5 November, and the offer runs from 9 to 27 November.
The second move is a call for an extraordinary shareholder meeting on 17 December, to vote on early dissolution and voluntary liquidation (AbitareIn release). Milano Finanza notes that staying under EUR 8 million spares the company from filing an offer prospectus with the market regulator Consob. If shareholders reject the proposal, the board says it will weigh its strategic options.
Two details matter for readers. The release says the offer does not aim to remove the shares from Euronext Milan, and that liquidation does not of itself end the listing. It adds that Borsa Italiana may take steps on trading in the stock if shareholders approve it (AbitareIn release).
The release also names Luigi Francesco Gozzini (22.62%) and Marco Claudio Grillo (17.81%) as holders who will not tender. Milano Finanza's 25 August article gave Gozzini only 2.6%, which looks like a slip, so we use the release figures (Milano Finanza, 25 August).
Why does the company blame Milan's permits?
According to AbitareIn, residential development in the city faces a "persistent block" in planning and building procedures, which has substantially stopped the release of permits. The company says its last permit for a residential project dates from the end of 2023, and that the 14 projects it sold in July 2026 were all still waiting for authorisation (AbitareIn release).
Il Sole 24 Ore and Milano Finanza both carry the company's account of the freeze, and Il Sole adds that the group no longer sees the situation as temporary. We found no statement from the Milan city administration in the period, so this is the company's position, not an established fact.
What did the sale leave behind?
The route runs through a sale. In July 2026 AbitareIn sold 14 project companies to the builder Techbau, with Il Sole 24 Ore putting the enterprise value at EUR 141.1 million. Milano Finanza describes the group afterwards as a "nearly empty box".
The picture has one wrinkle. On 30 October AbitareIn said Techbau had exercised an option to sell two of the 14 project companies back for EUR 12.1 million, set against the last instalment due by 9 September 2027, with no cash leaving the company (AbitareIn release, 30 October, Il Sole 24 Ore). The transfer is due within 30 working days, after which the projects will again be AbitareIn's.
The company says the sale turned assets of uncertain timing into a fixed price. Back in August, Milano Finanza reported that some minority shareholders wanted the proceeds returned. At the 20 July meeting that approved the sale, 31.3% of the capital present abstained and 2% voted against.
Is the offer price a good deal?
Nobody can say yet. The board set EUR 3.10 without independent valuations, and the company says it cannot predict whether tendering or waiting for liquidation will pay more (AbitareIn release). According to Milano Finanza, the company's own estimate, minuted at the July meeting, was about EUR 4 a share from cash alone. The same article reported in August that some minority shareholders were thinking of a range of EUR 3.9 to 4.3. That was an August finding of what holders expected, not a value they are owed.
Why it matters
Our view: AbitareIn shows what permit uncertainty can do to a business that lives on permits. By its own account the company has had no new approval since the end of 2023. It sold 14 projects at an enterprise value of EUR 141.1 million, is taking two back after Techbau used an option in October, and now asks owners whether to carry on. The case says nothing about the wider Milan market, because it is one firm with its own balance sheet.
If the stall the company describes persists, then developers with permit-dependent pipelines may weigh a fixed-price sale as AbitareIn did, and investors may price planning risk more heavily. If permits start flowing again, then the two projects coming back from Techbau could be developed by the company or sold on, and the liquidation case would rest on different assets.
What do you think: is planning risk now a standing line in your underwriting of European residential?
