Italian bank Intesa Sanpaolo has appointed Coima to manage a €500m office real estate portfolio and maximise value through asset sales and active management via leasing and new ventures.

As part of an agreement between the two firms, which will evaluate the “best opportunities to develop the banking group’s properties”, Intesa Sanpaolo is contributing the assets to investment vehicles managed by Coima and will take shares in the vehicles.

Once the deal is finalised, the Coima vehicles will receive three prime office properties, located in Rome at Via dei Crociferi 44 and in Milan at Via Clerici 4-6 / Piazza Ferrari 10 and at Via Verdi 9-11-13. Intesa Sanpaolo will also make additional properties located in several cities, including Milan, Turin, Rome, Brescia, Bergamo, Bologna, Padua and Florence, available to be vacated or disposed of in the coming months.

Intesa Sanpaolo’s Via Verdi 9-11-13 asset in Milan

Source: Intesa Sanpaolo

Intesa Sanpaolo’s Via Verdi 9-11-13 asset in Milan

The companies said the transaction, which will result in a “significant reduction of Intesa Sanpaolo’s real estate assets”, will also see Intesa Sanpaolo and Coima examine “further areas of collaboration in the real estate sector that could generate business opportunities of common interest”.

The partnership is in line with Intesa Sanpaolo’s broader property management strategy, as set out in the 2022-2025 business plan, which includes monetising the banking firm’s investment properties through disposals and active management via leasing or the creation of new businesses.

Manfredi Catella, founder and CEO of Coima, said: “Structural demographic, environmental and digital trends are fuelling a fundamental process of transition in physical infrastructure, particularly in cities. In responding to these trends, we consider it vital to collaborate closely with key national and international institutions, both public and private, to ensure investment and management platforms deliver on global best practices.

“The programme agreement with Intesa Sanpaolo is aligned with this important strategic objective and demonstrates our shared objectives to ensure positive impact through real estate development.”

Coima’s appointment to manage Intesa Sanpaolo’s €500m real estate portfolio strengthens their existing partnership, built on the Italian bank’s role as the main financier for the MilanoSesto project and an investor in Coima Housing Fund.  

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