COIMA RES – a listed real estate investment company specialised in investment and management of commercial properties in Italy – informs that MH Real Estate Crescita Fund, a closed-end real estate fund managed by COIMA SGR , in which COIMA RES owns a 86.7% stake, has refinanced on March 31st , 2017 the debt on the two office buildings located in Milan, Porta Nuova area (Gioiaotto), and in Rome, Eur Business District(2331 Eur Center), covering a net rentable area of 26,562 ft² (excluding parking).
Gioiaotto is the first LEED Platinum-certified building in Milan which is fully let to NH Hotel Group (50%) and to a group of different tenants (50%) for office use. The main tenants of the office portion are Roland Berger, Grant Thornton, and QBE Insurance among others. 2331 Eur Center is fully let on long-term lease contracts, to high-quality tenants such as AXA, Fastweb, Willis and others. These two prime properties, valued at €147.5m, are owned and fully consolidated through COIMA RES 86.7% ownership in MHREC, which was originally established in July 2005 and purchased by COIMA RES on July 27th, 2016.
Manfredi Catella, Chief Executive Officer of COIMA RES, commented: “The improvement of the loan terms is another step in the active management of our portfolio and demonstrates the value our organization can create for our shareholders. In particular, our recent successful lease extension of the NH Hotel lease at the Gioiaotto building set the stage for this successful refinancing.”
The loan transaction was supported by the advice of the law firms Grimaldi and Legance
