Italian lender Intesa Sanpaolo has agreed to sell an office portfolio valued at €500 mln to investment vehicles managed by fund manager Coima in exchange for shares in the different investment strategies.
The move is part of a plan to develop the banking group's properties 'in a changing real estate market environment', the companies said in a statement.
The assets involved in the operation are three prime 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; as well as additional properties to be vacated or disposed of in the coming months, located in several cities, including Milan, Turin, Rome, Brescia, Bergamo, Bologna, Padua and Florence.
The completion of the transaction is contingent on fulfilment of certain conditions precedent and will result in a significant reduction of Intesa Sanpaolo's real estate assets.
