BNP Paribas is buying a 50% stake in its Milan headquarters, partnering with Italian property manager Coima in a transaction IPE Real Assets understands values the Torre Diamante tower at just over €400m.
The French multinational bank, which has occupied the Diamond Tower in Milan’s Porta Nuova district since 2016, will now hold half of the 30,000sqm office asset in a deal that involves transferring the property from the Porta Nuova Varesine Fund to the Porta Nuova Diamond Fund as part of the co-investment.
The deal, which also includes the refinancing of the entire Porta Nuova Varesine Fund, extends the fund’s term to 2048, while BNP Paribas has committed to a lease extension until 2038.
The latest deal builds on a partnership dating back to 2015, when Coima bought BNP Paribas’s former Milan headquarters in Piazza San Fedele ahead of the bank’s move to Torre Diamante.
Manfredi Catella, founder and CEO of Coima, said: “BNP Paribas’s investment in the Porta Nuova Diamond Fund is an important milestone that demonstrates Porta Nuova’s ability to attract leading institutional investors and reinforces international confidence in the Italian real estate market.
“This transaction reflects a long-term vision that, through urban regeneration and high-quality assets, has created a district recognised globally for innovation and sustainability.”
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