Intesa Sanpaolo SpA on May 6 said it would “unlock” the value of its real estate assets with the Italian bank’s €500 million contribution to Coima SGR SpA that both companies agreed upon in late April.
Under the agreement, the Italian bank would transfer a real estate portfolio worth more than €500 million to investment vehicles managed by Coima, a contribution that will “significantly” reduce Intesa Sanpaolo’s real estate assets. Both companies signed an agreement to evaluate the opportunities in a changing real estate market, with emphasis on ESG objectives in the sector.
Intesa Sanpaolo will receive shares of Coima’s investment vehicles at the time of the transfer. Intesa Sanpaolo will identify the investment vehicles based on the type of real estate in the portfolio and the strategy for boosting its value.
Assets subject to the deal are all office buildings with three prime properties in Rome and Milan, and several additional properties in various cities to be vacated or disposed of in the coming months.
Both companies will look into further areas of collaboration in the real estate sector.