Borsa Italiana-listed real estate company Coima Res has expanded its Milan office portfolio with the acquisition of two fully-let offices for €158m.
Coima Res, which manages real estate assets in Italy, said it has bought the newly-built 9,400sqm Microsoft headquarters in Milan Porta Nuova, Via Pasubio 21 for €97.5m and the 17,500sqm refurbished Philips headquarters in Milan Bicocca, Viale Sarca 235 for €60.5m.
The manager said the two acquisitions are in line with its strategy of focussing on high-quality office properties in Milan.
With this transaction, Coima Res’ portfolio exposure to Milan increases from 85% to 87%, the exposure to Porta Nuova increases from 44% to 47% and the exposure to offices increases from 79% to 82%.
