COIMA RES buys two offices in Milan for €158m

COIMA RES has secured, through an “off-market” transaction, the acquisition of two fully leased office properties in Milan for an aggregate value of €158 million ($173 million).

The two properties are the 9,400-square-meter (101,000-square-foot) Microsoft headquarters in Milan Porta Nuova (Via Pasubio 21) valued at €97.5 million ($107 million) and the 17,500-square-meter (188,000-square-foot) Philips headquarters in Milan Bicocca (Viale Sarca 235) valued at €60.5 million ($66 million).

The two acquisitions are in line with COIMA RES’ strategy of focusing on high-quality office properties in Milan. With this transaction, COIMA RES’ portfolio exposure to Milan increases to 87 percent (from 85 percent), the exposure to Porta Nuova increases to 47 percent (from 44 percent) and the exposure to offices increases to 82 percent (from 79 percent).