Italian listed property company COIMA Res is acquiring the UniCredit Pavilion in Milan for €45m.
The Italian real state investment trust, or SIIQ, said it had signed a preliminary purchase agreement with Italian bank UniCredit, which has been using the multi-purpose event as an exhibition centre.
The Pavilion is situated opposite parent company Coima’s headquarters in the heart of the Porta Nuova – a 290,000sqm regeneration project that has been developed and managed by Coima with investment from the Qatar Investment Authority.
The 3,000sqm building, designed by Michele De Lucchi, could be converted into offices and retail space once Unicredit leaves by the end of the year, according to Coima.
The venue hosted the IPE Real Estate Global Awards last week, which saw Ivanhoé Cambridge come away as Best Global Investor.
Coima said its “unique technical features and 360-degree visibility provide a high level of flexibility of leasing strategies”.
Manfredi Catella, founder and CEO of Coima Res, said: “Coima Res is continuing to build up its portfolio concentrating in Milan and on the submarkets which are expected to experience the strongest rental growth such as Porta Nuova.
“Prime rents in Porta Nuova have reached the €550/sqm level for office use and the €1,500/sqm level for retail use; this positive trend is expected to continue as the area consolidates further.”