Italian listed REIT Coima Res has refinanced the debt on two office assets owned by MH Real Estate Crescita Fund (MHREC) to the tune of €73 mln.
MHREC is a closed-end real estate fund managed by Coima SGR, the investment and asset management business in which Coima Res owns a 86.7% stake. The properties are Gioiaotto, an office in Milan's Porta Nuova area, and 2331 Eur Center, in Rome's Eur business district. They cover a net rentable area of 26,562 m2 and are valued at a total €147.5 mln.
According to Coima Res, Gioiaotto is the first LEED Platinum-certified building in Milan and is fully let to NH Hotel Group (50%) and a group of different tenants (50%) for office use. The main tenants of the office portion include Roland Berger, Grant Thornton, and QBE Insurance.
2331 Eur Center is fully let on long-term contracts to tenants including AXA, Fastweb, Willis and others.
The refinancing was executed with the same syndicate of banks as the original financing and comprises UBI Banca, Crédit Agricole Corporate and Investment Bank, Milan branch and ING Bank. As part of the refinancing, €5 mln (of the original loan amount of €78 mln) was repaid.
Coima Res said that the deal would result in savings of around €110,000 per year.
Law firms Grimaldi and Legance advised on the deal.
