- The agreement provides for the contribution of a real estate portfolio worth over €500 million to investment vehicles managed by COIMA SGR
- Intesa Sanpaolo will receive units of the COIMA vehicles to which the properties will be contributed
- Analysis of potential partnerships in the field of real assets is planned
Milan, April 26 2024 – Instesa Sanpaolo and COIMA have signed an agreement to evaluate the best opportunities in the real estate sector to develop the Banking Group’s properties in a changed market environment.
The agreement, which reflects changing strategies in real estate in view of the greatly increased emphasis on ESG objectives in the sector, revolves around the transfer to investment vehicles managed by COIMA SGR of a real estate portfolio of the Bank with a total value of over €500 million.
The completion of the transaction is contingent on fulfilment of certain conditions precedent. At the time of the contribution, Intesa Sanpaolo will receive units of the COIMA 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 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;
- 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 signed between Intesa Sanpaolo and COIMA also provides for the study of further areas of collaboration in the real estate sector that could generate business opportunities of common interest.
Today’s announcement is part of the Group’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.
