Italian REIT Coima Res has sold 21 Deutsche Bank branches in the south of Italy for €38 mln to an unknown buyer.
The deal, executed through its Coima Core Fund IV, is substantially in line with the book value as of June 30th 2017, with a 3.6% discount. To date, Coima Res has disposed Deutsche Bank brances in the North of Italy at a blended premium to book value of 4.1%.
'The sale of the Deutsche Bank branches allows Coima Res to complete its non-core disposal plan two years in advance and it facilitates the rotation of our portfolio with the strengthening of our investment plan focused on the office segment in Milan,' said Manfredi Catella, Coima Res' founder and CEO.
The divestment removes the portfolio's exposure to the south of Italy, focusing 100% on the north and centre of the country, with 57% of its holdings in Lombardy.
The assets sold comprise a total of 11,416 m2 and include properties in Naples and Campania, Abruzzo and Puglia.
Coima Res said it remained open to considering the disposal of additional bank branches on an opportunistic basis. The divestment reduces its overall exposure to bank branches to 16% from 24%, increasing its exposure to the office segment from 67% to 75%, and increasing its Milan exposure from 64% to 72%. It said it was considering deploying the capital raised from the sale for further office acquisitions in Milan.
