Solid financial results in H1 2019

Solid financial results in H1 2019
• Gross rents up by 0.7% year-on-year at Euro 17.8 million
• NOI margin increased by 20 bps year-on-year to 89.5%
• EBITDA up by 2.9% year-on-year to Euro 11.2 million
• EPRA NAV per share up 1.7% to Euro 11.91
• Conservative LTV of 28.3%
• Cash balance of more than Euro 100 million allows to pursue acquisitions

Solid portfolio performance in H1 2019
• Portfolio concentrated for 80% in offices, 85% in Milan, 44% in Porta Nuova
• Like for like rental growth of 1.1% vs H1 2018
• New leases worth Euro 8.1 million per annum signed in 2019 YTD
• EPRA occupancy rate increased by 180 bps to 97.7%
• Positive portfolio revaluation of Euro 7.8 million
• Like for like capital value growth of 0.8%

Vodafone transaction increases portfolio diversification
• Korean investor acquired 50% of Vodafone complex
• Premium valuation and 13% IRR achieved
• Increased diversification of asset and tenant base

Accenture pre-let validates Corso Como Place (Bonnet) project
• High rise tower pre-let to Accenture (80% of entire project)
• Pre-let 12 months ahead of delivery at 16% premium to ERV
• Completion on track for 2020

Strong Milan office market in H1 2019 with positive outlook
• Dynamic environment for Milan offices with Euro 1.4 billion in transactions
• Milan office take up growing by 23% at 240,000 sqm
• Record low vacancy at 2.1% for Grade A properties
• Positive rental growth outlook, especially for Porta Nuova

Manfredi Catella, Founder and CEO of COIMA RES, commented: “We are pleased with the progress made so far in 2019. The acquisition of a 50% stake in the Vodafone complex by a primary Korean investor has been a key step for COIMA RES allowing to diversify our assets and tenant base and to free up resources for new investments in the Milan office segment. In addition, the prelet with Accenture validates the Corso Como Place project and demonstrates the appeal of next generation office properties in Porta Nuova for tenants.”

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