Italian asset manager Coima plans to raise up to €330 mln in an initial public offering for its income-generating property arm which will become the newest tax-efficient real estate investment trust (REIT or in Italian, SIIQ) in Italy.
Italian asset manager Coima plans to raise up to €330 mln in an initial public offering for its income-generating property arm which will become the newest tax-efficient real estate investment trust (REIT or in Italian, SIIQ) in Italy.
Coima Res is looking to place a minimum of 30 million new shares at a price of €10 a piece with an option for a further 3 million in case of strong demand. The operation would create Italy's third REIT structure, alongside Beni Stabili and IGD.
Coima Res intends to use the capital raised by the IPO to partly finance the purchase the Vodafone Village properties in Italy, which are believed to be valued at some €200 mln, as well as to pay taxes relating to the transaction and strengthen its asset and financial structure.
Qatar's sovereign wealth fund, Qatar Investment Authority (QIA), has agreed to back the IPO by taking 14.45 million shares in exchange for the transfer of 96 assets mainly used as bank branches leased to the Deutsche Bank Group.
The public offering, which will run from 18 March 1 April 1 is conditional upon the subscription of the capital increase servicing the offering for at least €300 mln.
The operation is coordinated and directed by Mediobanca – Banca di Credito Finanziario and Citigroup Global Markets, as joint global coordinators, which also act, together with Kempen & Co, Banca IMI and UniCredit Bank as joint bookrunners in the institutional offering. Mediobanca – Banca di Credito Finanziario acts as lead manager and sponsor.
Coima, formerly known as Hines Italia, is the rebranded business of the Italian Catella family after it bought out US developer-investor Hines' majority stake. It manages 13 funds on behalf of around 40 institutional investors for a total of over €5 bn of assets.
