Rome's Next Big Tourist Draw Risks Going Bust Before It Opens
Italian banks Intesa Sanpaolo SpA and UniCredit SpA still have a nominal interest in the struggling enterprise after being forced to write off 95% of their loan exposure to its owner in a previous restructuring. But talks to raise fresh cash from investors, including London-based distressed specialist Zetland Capital, have dragged on for years without conclusion, according to company filings seen by Bloomberg. That casts further doubt over the site's future.
The location in Rome's EUR district — a neighborhood first developed in the fascist era and home to the monumental architecture popular back then — has been under construction for almost two decades, and will probably go bust if it doesn't open soon. Potential operating partners are holding off until the financing is secured.
The 13,000 square-meter (139,930 square foot) project, meant to house more than 100 marine species, has already cost more than €100 million ($117 million). And it needs at least another €20 million to emerge from financial distress and finish the job, according to corporate filings.
Making things worse is a drawn-out legal dispute with the EUR district authority, which is seeking damages from the site operator Mare Nostrum Romae Srl over the constant delays. 'The arrival of a new partner might be the only chance today to unblock the operation,' a spokesperson for EUR SpA, a company controlled by the Italian government that manages the area's development, wrote in a statement to Bloomberg.
Representatives of Mare Nostrum and Zetland didn't respond to requests for comment. Spokespeople for Intesa and UniCredit declined to comment.
The standoff and the struggle to secure new cash show how ambitious construction deals can quickly become a quagmire for providers of debt finance, especially if relations with local officials sour, creating a vicious circle of legal fears blocking the investment crucial to moving forward.
While Italian courts have made progress in recent years to speed up litigation and insolvency processes, they still take longer than other top-rank economies. That's a red flag for international investors, even in distressed situations.
The idea of the Rome aquarium was first dreamt up in the early 2000s, and the Ricciardis — a local family of developers — won a concession to build and run the site for 30 years.
After a string of setbacks, delays and problems keeping up with its debts, their company Mare Nostrum had been seeking to open the site's doors this year to coincide with a Catholic Jubilee, a festival that's expected to attract 30 million pilgrims to Rome. It's looking ever more likely to miss out on that windfall.
Negotiations with Zetland, founded by ex-HIG Capital managing director Ahmed Hamdani, hit a roadblock after it and other prospective backers asked for reassurances over an extension of Mare Nostrum's agreement to run the site that's set to expire in 2039, according to corporate filings by the Italian firm.
EUR SpA has said it would be willing to grant a nine-year extension but has imposed conditions including for Mare Nostrum to tie up with firms with deeper pockets and more experience running aquariums.
Costa Edutainment SpA, which operates Italy's largest aquarium in Genoa, is interested in the management of the site, once the financial issues are settled, a spokesperson told Bloomberg. Merlin Entertainments, a global manager of leisure parks and other attractions, previously retreated from a similar partnership.
While Mare Nostrum cited 'positive prospects' for a legal settlement with EUR in its annual report, the lawsuit's still pending, according to EUR.
There's skepticism too about the aquarium's prospects for getting started in 2025. 'It's difficult to expect an opening within the Jubilee year even with a new partner,' EUR said in its statement.
--With assistance from Tiago Ramos Alfaro.
More stories like this are available on bloomberg.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
25 minutes ago
- Mint
Beyond Square Footage: How Luxury Real Estate in India Is Being Redefined
Luxury real estate in India is no longer defined by marble floors or skyline views. A new class of homeowners, that includes startup founders and next generation family office leaders, is reshaping the idea of luxury to focus on lifestyle, legacy, and ease of living. Whether in South Mumbai, Delhi, Gurgaon, or Pune, today's discerning buyer is looking for long term value and a sense of community rather than just opulence. This evolution is visible in how developers are repositioning their offerings. The market is shifting from a 'buy and hold' mindset to a 'live and thrive' proposition. Custom layouts, wellness focused architecture, smart home technology, and integrated mobility are increasingly becoming part of the standard blueprint. According to Knight Frank, residences priced above ₹ 1 crore accounted for nearly 50 percent of all units sold across India's top eight cities in H1 2025. Mumbai recorded over 47,000 sales, with a strong tilt toward mid-premium and luxury segments. The National Capital Region led in premium share. At the same time, under-construction luxury homes in Mumbai saw prices rise by up to 44% year-on-year, the sharpest jump across major metros. According to ANAROCK, homes priced above ₹ 1.5 crore accounted for 42 percent of new launches across India's top seven cities in Q1 2025, underscoring a growing focus on high-value housing. This shift is being driven by both end-user aspiration and investor appetite. Meanwhile, emerging lifestyle-oriented micro-markets like Alibaug, Goa, and Pune's Kharadi point to a rising preference for real estate with experiential value - properties designed around wellness, mobility, and second-home potential. Today's luxury buyer is more strategic and value-focused. According to the recent EY–Julius Baer Indian Family Office Playbook, capital preservation remains a key priority for around one in four family offices. However, there is increasing allocation toward asset classes like real estate and global equities, suggesting a growing appetite for long-term utility and liquidity. Features like smart layouts, energy-efficient materials, and proximity to urban green zones are becoming non-negotiable. Developers are responding with modular architecture, digital concierge services, and wellness-enabled environments. These include private fitness areas, community gardens, spa facilities, and clean air systems. What was once an upgrade is now standard for premium living. Several developers are evolving their portfolios to meet new buyer expectations for livability, wellness, and design. Among the many developers participating in this evolution, Mumbai-based Hubtown Limited serves as one case study. With more than four decades of experience and a portfolio spanning over thirty million square feet, Hubtown has evolved from a builder into a placemaker with an emphasis on civic responsibility. Projects like 25 South in Prabhadevi and 25 Downtown in Mahalaxmi or 25 West in Bandra are designed for multigenerational families and combine spectacular views with customizable plans and large floor plates. In suburbs such as Ghatkopar and Chembur, developments like Rising City and Seasons aim to deliver connectivity and community within self contained residential environments. The company is also building commercial developments at Ahmedabad and Mehsana that cater to the growing interest in commercial markets outside traditional metros. Hubtown has also been active in social infrastructure. It executed one of Maharashtra's first private slum rehabilitation projects under which more than ten thousand homes were delivered free of cost to eligible families. The company also developed the India's first robotic public car park in Mumbai's upmarket Breach Candy and helped upgrade public bus depots in Gujarat. This demonstrates how private real estate can intersect with public benefit. Outlook: Purpose Is the New Premium The future of India's luxury real estate will be defined by developers who can combine adaptability, design integrity, and civic foresight. For a clientele that is both globally mobile and deeply rooted, real estate must be more than just real assets. It must deliver meaning, consistency, and long-term relevance. Hubtown's model, while one among many, illustrates how real estate players that understand changing buyer psychology and urban responsibility may be better positioned to navigate the next cycle of premium housing. Note to the Reader: This article is part of Mint's promotional consumer connect initiative and is independently created by the brand. Mint assumes no editorial responsibility for the content.
India Today
28 minutes ago
- India Today
Trump's 25% tariffs: Which sectors are at most risk?
Despite multiple rounds of talks, and Trump calling India a 'friend', the label of 'tariff king' seems to have stuck harder and several Indian industries could be left footing the seems to be preparing for a tough few weeks after US President Donald Trump announced a 25% tariff on Indian exports starting August additional penalty was also announced for India's continued oil purchases from Russia, which has added more uncertainty for The US has been calling for a fairer deal, often criticising India for high tariffs and trade restrictions. In a post on the Truth Social platform, Trump said India has 'the most strenuous and obnoxious non-monetary Trade Barriers of any Country.' The tariff rate, he said, is also among the highest in the and the US have been in trade talks for months. Despite India being one of the first countries to respond to the US outreach, the two sides failed to reach a deal. India expected better treatment, especially after Prime Minister Narendra Modi's high-profile US visit earlier this the decision to slap tariffs similar to or higher than those imposed on other Asian nations like Vietnam (20%) and Indonesia (19%) has come as a to Bloomberg, calculations show that nearly 10% of India's total exports to the US could be impacted between July and September if the tariffs stay at 25%. The India-US two-way trade was worth about $129.2 billion in Bathini, Director – Equity Strategy at WealthMills Securities, said the final draft of the US tariff move will decide which sectors get hit the hardest. But as of now, the sectors to watch are 'gems and jewellery, aqua exports, and some segments of auto components.'GEMS AND JEWELLERY SECTOR UNDER STRESSOne of the biggest industries facing immediate pressure is the gems and jewellery sector. The US is a key market, accounting for over Rs 83,000 crore (approx $10 billion) of India's jewellery exports. A 25% tariff could inflate costs, delay shipments, and disrupt Gem and Jewellery Export Promotion Council said the sector is staring at major a statement released late Wednesday, the council said the tariff move could 'threaten thousands of livelihoods' and 'disrupt critical supply chains.' The group added that costs would rise across the value chain, from workers to manufacturers, if the tariffs are not rolled back COMPANIES MAY LOSE COMPETITIVE EDGEIndia is the largest supplier of generic medicines to the US, exporting non-patented drugs worth roughly Rs 66,800 crore ($8 billion) annually. Companies like Sun Pharmaceutical Industries, Cipla, and Dr. Reddy's Laboratories earn nearly 30% of their revenue from the US Mariwala, Executive Chairman and MD of OmniActive Health Technologies, said that India isn't just a key supplier of generics to the US; we are a part of the backbone of affordable global healthcare."These duties may interrupt the smooth trade flow, inflate US drug costs, stall treatments, and put even greater pressure on American healthcare budgets. Back home, the profits for Indian pharmaceutical firms may decline, and R&D may stagnate, slowing down innovation and stalling new drug clearances," he from IQVIA, mentioned in a Bloomberg report, shows that four out of ten prescriptions filled in the US in 2022 were sourced from Indian companies. Indian generics helped save nearly Rs 18.3 lakh crore ($220 billion) in US healthcare costs in 2022 alone. A 25% tariff could damage this cost advantage and make Indian pharma less AND APPAREL INDUSTRY HIT BY DUTY GAPThe textile and apparel industry is another major exporter to the US, supplying everything from home linens to footwear. Indian suppliers work with brands such as Walmart, Gap, and Confederation of Indian Textile Industry said in a statement that the higher tariffs could create a 'stiff challenge' for the industry. It added that India will lose the competitive edge it had been hoping for over countries like Vietnam, which now face lower Textiles, in its recent earnings call, flagged slow business from the US due to tariff worries. Companies like Welspun Living, Indo Count, and Arvind Fashions may also see a decline in orders if prices rise due to the new EXPORT PLANS MAY SUFFERIndia recently overtook China as the top source of smartphones sold in the US, thanks to Apple's decision to assemble more iPhones in India. However, this success could be Rana and Andrew Girard, analysts at Bloomberg Intelligence, said in a note that Apple's shift to India might be 'set back' if the full 25% tariff is applied. 'A 25% surcharge would most likely force Apple to revise this plan,' they wrote, noting that India's electronics exports could face new IMPORTS FROM RUSSIA MAY BRING MORE PENALTIESAlongside the tariffs, Trump also warned of an additional penalty due to India's energy imports from Russia. India now gets around 37% of its oil from Russia at discounted rates, which has helped maintain strong profit margins for like Reliance Industries, Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum may suffer if these imports are restricted or taxed further. Reliance, for example, had signed a deal to buy up to 500,000 barrels of Russian oil per day this year, making it India's largest buyer of Russian access to cheap Russian oil is limited, Indian refiners may be forced to buy from costlier suppliers, which would lower their profit margins and increase fuel prices at MAY ADJUST OVER TIMEDespite the near-term pain, some experts believe the long-term impact could be Palviya, SVP – Research at Axis Securities, said the tariffs will hurt in the short run, but may not change India's growth story. 'It is improbable that it will significantly alter the country's long-term growth path,' he added that India's domestic market, entrepreneurial drive, and global partnerships remain strong. He believes both countries will eventually realise the need for a more balanced trade relationship, which could lead to softer tariff rules in the Trump's return, the change in trade tone has been clear. It's a wake-up call—India must double down on securing Free Trade Agreements with other major economies," said Mariwala."These aren't just about market access; they're about securing India's place in the world economy and advancing the vision of Viksit Bharat," he added.- EndsMust Watch
India Today
28 minutes ago
- India Today
From dual incomes to debt: The silent struggle of parents paying private school fees
On a rainy Thursday morning in Gurugram, Neha and Aditya Kapoor weren't preparing for a client pitch or quarterly review they were scrambling to upload documents, pay a 1.25 lakh term fee, and arrange pickup from a robotics class their four-year-old had after school. Both working professionals, Aditya in finance and Neha in HR they considered themselves financially stable. But when their son got into a reputed private school, the numbers told a different weren't worried about the admission interview. We were worried about the fee circular,' Neha says. 'The annual fees were more than what I paid for my entire MBA.'What followed was a drastic shift , not in careers, but in lifestyle, savings, priorities, and even parenting roles. Mornings became a relay race of Zoom meetings and school drop-offs. Weekends were for managing school apps, activity registrations, and paying for 'extras' like smart labs and field trips. 'We're both still working,' Aditya adds, 'but it feels like one of us works just to pay school fees, while the other works to keep the house running.'This is the new reality for many Indian families where education isn't just a necessity but a second full-time commitment, with emotional and financial demands that go far beyond the classroom. This isn't an outlier. It's the reality for millions of middle-class Indian families navigating an increasingly unaffordable private schooling ecosystem one where aspirations meet hard math, and where 'education' is no longer a public good, but a lifestyle DOESN'T LIE: THE SOARING PRICE OF SCHOOLINGA 2024 report by the National Sample Survey Office (NSSO) revealed that urban private unaided school fees have increased by over 169% in the last decade, far outpacing inflation and salary growth.A middle-class family in metros spends between 1.5 to 5 lakh per year per child on tuition, uniforms, transportation, and "miscellaneous charges".In comparison, government schools cost as little as 3,000–10,000 per year—but remain under-enrolled due to concerns around infrastructure and quality."MY PROMOTION WENT ON HOLD JUST TO BE AVAILABLE FOR SCHOOL INTERVIEWS."Chennai-based software engineer Nivedita Rao faced a dilemma when her daughter was shortlisted by three high-end private schools , all with differing dates for admission interviews, parent orientations, and fee payments.'Each process demanded both parents to be physically present, sometimes during work hours,' says Nivedita. 'I had to decline a promotion because travel and weekend work were no longer possible.'Their combined income was healthy, but the couple soon realized that 'school readiness' meant lifestyle re-engineering. 'We stopped our EMIs for a second car and cancelled our Kerala trip. That money went to the school's development fee, 1 lakh, non-refundable.'THE LEGAL LANDSCAPE: ARE THERE ANY FEE CAPS?India's education system, particularly in the private unaided school sector, operates in a regulatory grey Fee Regulation Acts (like in Maharashtra, Tamil Nadu, Delhi, Rajasthan) empower governments to cap fee hikes to 10–15% over three years but enforcement is patchy at Right to Education Act (RTE), 2009, mandates 25% free seats in private schools for children from economically weaker sections, but middle-income families, neither poor nor rich—are left out.A 2023 Supreme Court judgment upheld states' power to regulate fees but emphasised that schools must maintain transparency and cannot charge arbitrary levies like 'building donations' without rules are there,' says lawyer Shyam Dutt Mishra. 'But the implementation is weak, and schools cleverly label charges to bypass scrutiny—calling it 'development fund', 'infrastructure cost', or even 'tech enhancement fee'.'WHAT ARE OTHER COUNTRIES DOING?Let's look at how India compares globally when it comes to basic education affordability: 'India's middle class is essentially paying Scandinavian-level fees for Southeast Asian-level service quality,' quips Delhi-based economist Raghav Bhatia.'WE MOVED CITIES, FOR THE SAME SYLLABUS, BUT HALF THE PRICE.'Vikram and Poonam Sharma, originally from Pune, shifted to Nashik when their son reached Class 1. 'The school in Pune was asking for 4.2 lakh a year. In Nashik, the same board CBSE offered quality education for 1.2 lakh,' says Vikram. 'We both got hybrid jobs. Our quality of life improved, and we stopped living paycheck to paycheck.'advertisementSchool-related migration is a growing but silent trend parents opting for Tier 2 cities to beat the metro-school inflation EMOTIONAL COST OF CHASING 'THE BEST'Beyond the financial toll, there's an emotional one.'Every weekend was spent prepping for school interviews, filling forms, downloading admission checklists,' recalls Neha Kapoor. 'By the time our son actually got in, we were exhausted—mentally and financially.' The pressure to 'get it right from the start' is immense. Parents often conflate school names with future success, leading to decision-making that's driven by fear more than CAN BE DONE?Experts suggest a multi-pronged approach:Better regulation and real-time audit of private school fee public schools to retain middle-class faith in transparency in donation, capitation, and admission collectives advocating for school-wise accountability and state-wide regulation.'India doesn't lack laws—it lacks implementation and political will,' says activist Abha Saxena. 'Until schools fear consequences, families will continue paying the price.'advertisementIT'S NOT JUST EDUCATION, IT'S AN INVESTMENT WITH NO GUARANTEEFor India's aspirational class, schooling has morphed into a high-stakes investment—one that comes with no sure-shot ROI but still demands sacrifices, lifestyle changes, and emotional strain.'We used to dream of taking our child to Disneyland,' says Neha. 'Now, if we can afford the next academic term without borrowing, that'll feel like a holiday.'- Ends
