Coima funds have acquired seven properties in Milan from Italian banking group UBI Banca as part of a deal that is understood to be worth €1bn.

As previously reported, Coima has been developing the Gioia 22 office tower with funding from the Abu Dhabi Investment Authority.

The Gioia 22 building which is expected to be completed by 2021 has been leased to the bank on a 15-year lease.

Coima said UBI has also agreed to buy the Porta Nuova Gioia fund, which owns the Gioia 22 building, from an unnamed global institutional investor.

As part of the deal, Coima has also entered into an agreement with UBI, allowing Coima to acquire directly or by designating a third-party investor, a stake in the Porta Nuova Gioia fund following the construction of the office building.

Coima said it expects to begin a €500m urban regeneration programme once UBI vacates the seven properties.

IPE Real Assets understands that the overall value of the transaction, with all the various acquisitions and disposals, is worth over €1bn.

Manfredi Catella, founder and CEO of Coima, said the transaction is a ”strong signal for Italy at both a domestic and international level that we have entered an important phase of economic activity restarting following the COVID-19 pandemic”.

“We have long held the belief that real estate projects need to be based upon circular economy and sustainability, and UBI‘s decision confirms Porta Nuova’s position as a pioneer for this kind of sustainable development.”

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