Intesa Sanpaolo and COIMA have signed an agreement which reflects changing strategies in real estate in response to the increased emphasis on ESG objectives in the sector. It revolves around the transfer to investment vehicles managed by COIMA SGR of a real estate portfolio of Intesa Sanpaolo with a total value of over €500m.
The completion of the transaction is contingent on the fulfilment of certain conditions precedent. At the time of the contribution, 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, located 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 as well as the additional properties to be vacated or disposed of in the coming months, located in several cities, including Milan, Turin, Rome, Brescia, Bergamo, Bologna, Padua and Florence.
The transaction will result in a significant reduction of Intesa Sanpaolo's real estate assets.
The agreement will also see Intesa Sanpaolo and COIMA examine further areas of collaboration in the real estate sector that could generate business opportunities of common interest.
Today's announcement is part of Intesa Sanpaolo’s broader Smart Property Management strategy, as set out in the 2022-2025 Business Plan presented by CEO Carlo Messina. Related initiatives include a strong acceleration towards the approach to work and a significant modernisation of working environments in office spaces. Investment properties are to be fully monetised through disposals and active management via leasing or the creation of new businesses.
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