COIMA RES S.p.A. SIIQ (“COIMA RES”) has completed the purchase from Real Estate Center S.p.A. of three buildings belonging to the broader real estate complex known as "Vodafone Village", located in the Municipality of Milan, via Lorenteggio No. 240, in line with the provisions set forth in the prospectus relating to the listing of the Company’s shares.
The overall purchase price is €200m million plus VAT and taxes, in line with the value of the appraisal issued by CBRE.
The properties – also representing an important example of excellence in terms of environmental sustainability thanks to the LEED certification obtained – have a total gross floor area of 61,857m² and they are part of a broader real estate complex known as “Vodafone Village” consisting of five buildings, with a total gross floor area of 89,030m², fully leased to the Vodafone Group under a lease agreement expiring on 31st January 2027 and automatically renewable for an additional 6-year period. Under the sale and purchase agreement concerning the properties, COIMA RES has a pre-emption right to purchase the remaining two buildings of the "Vodafone Village"; such pre-emption right may be exercised by COIMA RES until 31st December 2019.
The properties generate a gross rental income (GRI) of €13.84m, with a passing yield of 6.9% calculated on the basis of the purchase price.
Manfredi Catella, CEO of COIMA RES said: “Following the IPO closed 13th May 2016, the completion of the acquisition of the buildings of the Vodafone Village is COIMA RES’ first investment, in line with the terms and timing planned, with a passing yield of 6.9%.”
