COIMA RES S.p.A. has entered into a preliminary agreement to purchase an office complex in Via Alessio di Tocqueville, 13, Milan for €56m. The seller of the property is Mediolanum Real Estate, a real estate alternative investment fund managed by Mediolanum Gestione Fondi SGR. The transaction is expected to close by the end of Q3 2018.
The Tocqueville, a 10-storey building compromising 12,300 m², represents a sizeable Core+ asset in the Milan Porta Nuova area located between the Microsoft HQ and UniCredit HQ, both developed by the COIMA platform. The property's current average gross rent is €245/m² with the gross rent totalling €2.4m per year. The main tenant is Sisal S.p.A., occupying 89% of the net rentable area.
The building is situated in the immediate proximity of the Bonnet Value-add project in which COIMA RES owns 35.7% stake and will benefit from the planned regeneration of the surrounding area. The project is well on track for delivery by H1 2020 and will feature several cutting edge sustainable and innovative technologies with the implementation of Smart Building infrastructure.
Manfredi Catella, Founder and CEO of COIMA RES, commented: "The Tocqueville acquisition is in line with our strategy of increasing exposure to Milan Porta Nuova and adds to our portfolio an office property which offers an interesting rental growth potential. The features of the Tocqueville complex are coherent with the deep experience of COIMA in creating value by repositioning properties."
