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Sign in Sign up for a FREE subscriptionIntesa Sanpaolo, Coima sign €500m real estate deal
Intesa Sanpaolo S.p.A., an Italian international banking group, has agreed to transfer a €500 million ($537 million) property portfolio to investment vehicles managed by real estate firm COIMA SGR.
The move is part of Intesa’s “smart management” strategy for its real estate assets, aimed at enlarging its main offices but downsizing the total surface area of its other Italian properties.
Intesa Sanpaolo will receive shares in the COIMA investment vehicles, which will be identified according to the type of real estate in the portfolio and the strategy for developing its value.
The assets subject to the transaction, which are all office buildings, are:
three prime properties 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; additional properties in Italy to be vacated or disposed of in the coming months, located in several cities, including Milan, Turin, Rome, Brescia, Bergamo