COIMA RES S.p.A. SIIQ (“COIMA RES”) – an Italian company specialised in investing and managing commercial properties in Italy – announced it has finalised the agreement for the acquisition from Immobiliare Deruta 2005 S.a.s., wholly-owned by Warburg – HIH Invest Real Estate GmbH, a German Real Estate Fund for institutional investors, of a property consisting of two buildings in Milan, Via Privata Deruta no.19.
COIMA RES succeded in building a portfolio of quality assets of €600m in only 8 months. The purchase price amounted to €46m plus taxes.
- Purchase price: 46 million euros
- Gross annual rent: 3.5 million euros
- EPRA net initial yield: 6.8%
- Lease agreement with BNL - BNP Paribas Group
The property comprises two separate buildings – the combined net surface area of which is approximately 13,650m² – leased to the BNL-BNP Paribas Group. The lease term include 6 years, plus 6 years with a 5 years walt according to first term of 31 December 2021. The two Grade “A” buildings serve as office space. They generate €3.52m in gross annual rent, with a 7.5% gross yield based on the purchase price and an EPRA net initial yield of 6.8%. COIMA RES has already prepared with the architectural firm Park a possible project of building upgrades that will allow to increase occupancy of the real estate complex and improving energy performance in order to be able to guarantee the flexibility needed to the benefit of the tenant.
The property is in North East Milan, well connected to public transportation as well as the highway network. Specifically, the area is easily accessible by the adjacent subway (the MM2 Udine station; only 6 subway stations from the new BNP Paribas Group headquarter in Porta Nuova developed and managed by COIMA SGR), rail (Lambrate railway station: 0.6km; Milan Central Station: 2.7km), and highway (East bypass road: 1.2km), and is just 10 minutes away from the Linate airport. Approximately 900 employees of the BNL - BNP Paribas Group work at the Deruta Property. COIMA RES financed the acquisition through a €20m mortgage loan from ING with a term of 5 years and a spread of 160bps. Signed the purchase agreement for a property consisting of two buildings covering 13,650m² overall.
