Real estate investment trust COIMA RES has sold a 50% stake in the €213m Vodafone Italian headquarters building to a South Korean investor.

Coima said Meritz Financial Group, through an unnamed Korean trust, bought the stake in the asset. Coima retains the remaining 50% stake in the asset.

Coima said the transaction values the complex at €213m and represents a 4% premium to the 2016 acquisition and a 2% premium to the last appraisal value.

Manfredi Catella, founder and CEO of Coima RES, said: “The transaction demonstrates the ability of the Coima platform to team-up with primary global investors in addition to validating Coima RES’ portfolio valuation and increasing its diversification.

“The transaction generates additional firepower for further acquisitions in Milan where we already have 90% of our portfolio.”