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Coima Res sells more Deutsche Bank branches, closes €56M asset buy in Italy

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Coima Res sells more Deutsche Bank branches, closes €56M asset buy in Italy

Coims Res SpA SIIQ's divestment of assets from its Deutsche Bank branches portfolio has reached €41.5 million since its IPO, after the company agreed to sell two more branches in Italy.

The two properties in Desio and Varenna are being sold at a premium of 6.2% against the assets' book value as of June 30 at €1.5 million. The deal is anticipated to close in the third quarter. The company added that it is in talks for the disposal of further bank branches from the portfolio.

The Italian real estate investment trust said in its earnings release that it intends to sell more mature properties and bank branches under its investment strategy to raise funds for the future growth of its portfolio. On the acquisitions front, the REIT will pursue office assets that have redevelopment potential, with a focus on Milan and possibly Porta Nuova, and also consider selective co-investments in value-add projects to drive returns, in a partnership with the COF II fund.

In a separate statement, Coima said it has finalized the purchase of an office complex at Via Alessio di Tocqueville 13 in Milan from Mediolanum Real Estate for €56.0 million, excluding tax and costs. The company now owns the entire Via Bonnet block, with renovations planned for more than 35,000 square meters of space.