Listed Italian real estate company COIMA Res is buying an office complex in Milan for €58.2m from the Effepi Real Estate Fund.
Coima Res, investing on behalf of the Coima Opportunity Fund I fund, has agreed to buy the 80,000sqft building in Via Giovanni Battista Pirelli, 32, from the fund which is owned by the UniCredit Pension Fund and managed by Generali Real Estate.
The acquisition will be funded mainly from the sale of a property at Viale Sarca 235, announced in August 2021, Coima Res said.
The listed firm also expects to invest over €30m to refurbish the 13-storey building. The refurbishment plan will be part-funded with available resources and bank debt.
Manfredi Catella, founder and CEO of Coima Res, said: “The acquisition of Pirelli 32 is in line with our strategy of increasing our exposure to Porta Nuova, which is rapidly becoming Milan’s main post-Covid urban campus.”
Catella said the project fits well with Coima platform’s extensive experience in creating value through repositioning buildings, tying in with the Porta Nuova Gioia redevelopment programme.
Following the acquisition of Pirelli 32, Coima Res’s exposure in Milan will increase to 92% of its portfolio and exposure in Milan Porta Nuova will rise to 61% of its portfolio.
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