COIMA Res will continue to reduce its exposure to bank branches, the Italian real estate investment trust said today as it announced the sale a portfolio of 11 assets.

Coima has agreed to sell the portfolio of bank branches located in the North of Italy to an unnamed buyer for €23.5m.

The disposal is expected to close before June 2020.

Including the latest disposal, Coima has now sold 48% of the bank branches portfolio which was contributed at the time of the initial public offering in 2016, the company said.

The remaining portfolio is made up of 58 bank branches valued at €69.6m, representing less than 10% of Coima’s total real estate portfolio.

Coima said it will continue to evaluate further disposals of bank branches with the aim to further concentrate its portfolio in Milan.