(Visited 100 times, 1 visits today)
(Visited 100 times, 1 visits today)
  • Transaction / Assets
    Office building in Milan
  • Seller
    Mediolanum
  • Buyer
    Coima
  • € MM
    56

Coima Res shops again in Milan

28 May, Il Sole 24 Ore

One week ago, the acquisition of Unicredit’s Pavillion, today the purchase from Mediolanum of the office building in Via Tocqueville.

In this way, Coima Res has spent 100 million in total to grow its presence in the Porta Nuova area, whose 30% is owned by the company. The presence in Milan has reached now 76% of the portfolio.

The office in Via Tocqueville has been acquired for 56 million euro and have net fix returns equal to 5%. The closing of the operation is expected by the end of the third quarter of 2018.

“Tocqueville is a ten-storey building with a 12,300 Sq m surface, and it represents an asset core. The average gross rent is currently 245 euro/Sq m. Such price might increase by repositioning the property (there are plans for investments equal to the 15% of the purchasing price), bringing in this way the prices close to the prime rents of Porta Nuova, which are currently set around 550 euro/Sq m”, reads the memo.

The offices are currently leased by Sisal which occupies 89% of the space and pays a total rent of around 2.4 million a year.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi