Board Of Directors approves results as of December 31st, 2020

25 February 2021

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Highlights of 2020 financial results

• Gross rents up by 19.0% to Euro 44.4 million
• Like for like rental growth of +1.8% (+3.2% for office portfolio)
• Collected 99.4% of 2020 rent due (vs 98.6% in 2019)
• NOI margin increased by 120 bps to 90.8%
• EBITDA up by 34.4% to Euro 31.5 million
• Net operating profit (EPRA Earnings) up by 25.5% to Euro 17.5 million
• EPRA Net Tangible Assets per share up by 1.0% to Euro 12.42
• Net LTV 0.5 p.p. lower at 38.3% (vs 38.8% at Dec-19)
• Ample liquidity with Euro 48.7 million of cash on balance sheet
• Recommended dividend of Euro 0.30 per share, in line with last two years

Resilient real estate portfolio

• Portfolio focussed on offices (87%), Milan (91%) and Porta Nuova (53%)
• Limited exposure to hotels and retail amounting to c. 5% of pro-quota rent roll
• EPRA vacancy rate of 2.5% and weighted average lease term of 4.3 years
• Corso Como Place project completed and delivered to Accenture and Bending Spoons
• High sustainability profile with 66% of portfolio LEED certified

Milan office market in 2020

• Slower investment market in 2020 with volumes down 39%
• Prime yield tightening by 20 bps to 3.10% in 2020
• Slower letting market in 2020 with volumes down 32%
• Stable rental levels across all submarkets in Milan in 2020

Manfredi Catella, Founder and CEO of COIMA RES, commented: “The year 2020 will be remembered as an extraordinary one when the resilience of people and businesses has been put to test for a lengthy period of time. Thanks to the coherent execution of our strategy, COIMA RES has demonstrated its sustainability in a difficult market context, posting a solid performance in terms of rent collection and preserving at the same time an ample liquidity buffer of approximately Euro 50 million. This has allowed us to maintain a stable dividend, equal to Euro 0.30 per share, in line with the last two years. With the vaccination program being rolled out and accelerated, in line with the priorities of the government led by Mr Draghi, we will soon return to a normalisation of work and private life which will contribute to the economic recovery of the Country.

Milan, February 25th, 2021 – The Board of Directors of COIMA RES approved the consolidated financial statements as at December 31st, 2020, at a meeting held today under the chairmanship of Massimo Capuano.

Euro 44.4 million, mainly due to the increased consolidation perimeter resulting from the acquisitions completed in 2019, partially offset by the disposal of 10 bank branches in 2020. On a like for like basis, gross rents grew by 1.8% (3.2% when considering only the office portfolio). As of February 19th, 2021, COIMA RES collected 99.4% of the 2020 rents due (98.6% at the same date in 2019).

19.0% in 2020 to Euro 44.4 million, mainly due to the increased consolidation perimeter resulting from the acquisitions completed in 2019, partially offset by the disposal of 10 bank branches in 2020. On a like for like basis, gross rents grew by 1.8% (3.2% when considering only the office portfolio). As of February 19th, 2021, COIMA RES collected 99.4% of the 2020 rents due (98.6% at the same date in 2019).

The NOI grew by 20.6% to Euro 40.3 million and the NOI margin increased by 120 bps to 90.8%, mainly thanks to the improved asset mix. Recurring G&A expenses decreased by 4.4% to Euro 8.4 million, mainly due to the savings deriving from the revised asset management fee.

EBITDA grew by 34.4% to Euro 31.5 million because of the increased NOI and reduced G&A expenses. Recurring financial expenses grew by 11.7% to Euro 7.8 million due to the increase in the consolidated gross debt in the last two years, mainly related to the acquisition activity.

Recurring FFO and net operating profit (EPRA Earnings) grew respectively by 37.2% to Euro 24.2 million and by 25.5% to Euro 17.5 million, mainly due to higher EBITDA partially offset by higher financial expenses (and, as far as net operating profit (EPRA Earnings) are concerned, an increase in minorities).

The value of the portfolio has remained substantially stable in 2020 (on a pro-quota basis), as the capex of Euro 9.1 million (mainly related to the Corso Como Place project), were offset by a downward adjustment to the fair value of the portfolio for Euro 1.4 million (on a pro-quota basis) and disposals for Euro 7.9 million (on a pro-quota basis) related to the Telcom Portfolio. Capital value decreased by 0.2% in 2020 as the positive revaluation recorded on the Corso Como Place project was more than offset by the negative revaluation on the rest of the portfolio.

EPRA Net Tangible Assets, as of December 31st, 2020, stood at Euro 448.3 million (or Euro 12.42 per share), an increase of 1.0% in 2020. The increase is mainly related to net operating profit (EPRA Earnings) of Euro 17.5 million partially offset by dividend payments in 2020 of Euro 10.8 million and downward adjustment to the fair value of the portfolio of Euro 1.4 million (on a pro-quota basis) and other items for Euro 0.7 million. As of December 31st, 2020, the net LTV of COIMA RES stood at 38.3% (on a consolidated basis), a level 50 bps lower compared to December 31st, 2019. The consolidated cash position of COIMA RES as of December 31st, 2020, stood at Euro 48.7 million.

On the basis of the current portfolio perimeter, COIMA RES estimates to reach in 2021 a level of net operating profit (EPRA Earnings) equal to Euro 0.40 per share. The estimate reflects the release of approximately half of the Monte Rosa property by PwC during Q1 2021 and other prudential considerations in light of the persistence of the COVID-19 emergency. The net operating profit (EPRA Earnings) guidance will be updated during the course of 2021 to reflect the evolution of COIMA RES’ activity during the year.

Donations made in light of the COVID-19 emergency

In light of the COVID-19 emergency, COIMA RES has donated an amount equal to Euro 210,000 in favour of the Fondo di Mutuo Soccorso (Mutual Aid Fund) created by the City of Milan. In addition, a contribution of Euro 30,000 was made by COIMA RES, COIMA SGR and COIMA S.r.l. in favor of the M&M - Minima Moralia association, to support the Luigi Sacco hospital in Milan in the purchase of an ambulance for the transport in biosecurity of highly contagious patients.

Dividend for 2020 of Euro 0.30 per share

The Board of Directors of COIMA RES resolved to propose to shareholders a dividend for the fiscal year 2020 of Euro 0.30 per share (amounting to Euro 10,831,967.40), in line with the dividend distributed in the last two years. An interim dividend of Euro 0.10 per share has already been paid on November 18th, 2020. The final dividend of Euro 0.20 per share will be distributed with an ex-dividend date on April 26th, 2021, record date on April 27th, 2021, and payment date on April 28th, 2021.

Contract with COIMA SGR

In March 2020, the Board of Directors approved a new asset management agreement between COIMA RES and COIMA SGR containing few modifications with respect to the previous agreement in place, amongst which an extension of the first period and an improvement of the economic conditions in favour of COIMA RES.

The end of the first period of the contract was extended from May 13th, 2021, to January 1st, 2025, and the asset management fee was reduced by 30 bps, from 1.10% of NAV to 0.80% of NAV (i.e. a 27% reduction), effective from January 1st, 2020. The fee reduction is equivalent to a saving for COIMA RES of approx. Euro 1.3 million per annum.


Revolving Credit Facility: During the month of October 2020, COIMA RES obtained a Revolving Credit Facility (RCF) from Banco BPM for an amount of Euro 10.0 million with a duration of 18 months. The Revolving Credit Facility is the first unsecured financing of COIMA RES and represents an important step towards a more flexible financial structure, also considering the current market environment influenced by the COVID-19 pandemic.

Microsoft: During the month of February 2021, the extension and amendment of the Euro 22.0 million financing of the Microsoft headquarters (provided by Intesa Sanpaolo) was finalised. The maturity of the financing was extended for a period of 3 years, i.e. from December 21st, 2020, to December 21st, 2023, and the margin was reduced by c. 15 basis points. In addition, the amended agreement provides the possibility of increasing the amount of the financing provided by Intesa Sanpaolo to a maximum of Euro 49.5 million at the same economic conditions.

Real estate portfolio

As of December 31st, 2020, the COIMA RES portfolio consists of nine real estate properties mainly for office use located in Milan and 58 bank branches located in the North and Centre of Italy. The portfolio is valued at Euro 688.3 million (on a pro-quota basis), 91% of which is in Milan, 53% in Milan Porta Nuova and 87% is for office use. COIMA RES’ portfolio has a high sustainability profile as approximately 66% of the portfolio is LEED certified. COIMA RES’ portfolio of tenants is mostly comprised of mid to large sized multinational corporations: the list of the ten largest tenants (representing 87% of the current rent roll on a pro-quota basis) includes Vodafone, Deutsche Bank, Microsoft, BNP Paribas, IBM, Sisal, PwC, Techint, NH Hotel and Philips. In line with its business model and strategy, COIMA RES is considering further disposals of mature, non-core and non-strategic assets as well as the refurbishment and repositioning of selected assets within its portfolio in order to align them to the evolution of tenants’ demand.


Gioiaotto: In Q3 2020, COIMA RES renewed the lease agreement with QBE (a global insurance company) for an additional 6 years. The lease, which concerns more than 900 sqm office space at the Gioiaotto property in Porta Nuova in Milan, has been signed at a 44% premium to the previous rent in place and is in line with the prime rent in the area.


Gioia 22: During the month of June 2020, COIMA RES signed a binding agreement for the acquisition of a 10-25% stake in the Gioia 22 property, a 35,800 sqm building situated in Via Melchiorre Gioia 22 in the Milan Porta Nuova district. The closing of the transaction is expected by the end of 2021 or the beginning of 2022, subject to certain transaction conditions, including 75% of the property being leased. The exact stake to be acquired by COIMA RES in the property will be determined by COIMA RES at its discretion, within the abovementioned range in proximity of the closing. The purchase price will be calculated attributing a value of Euro 442.1 million to the property. The acquisition will be financed through COIMA RES’ own financial resources.


Bank branches: Between January 2020 and January 2021, COIMA RES completed the disposal of 11 bank branches for an aggregate value of Euro 23.5 million. Since its IPO in 2016, COIMA RES has disposed approximately 48% of the initial bank branches portfolio at a valuation broadly in line with the IPO contribution value, raising gross proceeds from the disposals of approx. Euro 66.3 million.

Telecom Portfolio: During the month of December 2020, COIMA RES announced the completion of the disposal of the Telecom portfolio to APWireless, a subsidiary of Radius Global Infrastructure. The Telecom portfolio consisted of five properties situated in the North and Centre of Italy leased with a long-term contract to TIM (Telecom Italia). The sale price, equal to Euro 57.0 million, was in line with the previous independent appraiser’s valuation as of June 30th, 2020. COIMA RES acquired indirectly a minority stake (equal to 13.7%, on a pro-quota basis) in the Telecom Portfolio in 2019, as a result of the acquisition of the Microsoft and Philips headquarters.

Development projects

Corso Como Place: The project was completed in Q4 2020, substantially in line with the overall budget, and has been delivered to the tenants Accenture and Bending Spoons in January 2021. As a reminder, in 2019 Accenture and Bending Spoons signed preliminary leasing agreements for the entire office portion of the project (buildings A and C) representing 95% of the surfaces developed.

Porta Nuova district to aim for LEED and WELL for Community certifications

In 2020, COIMA RES and COIMA SGR jointly began the process to obtain the “LEED for Communities” and “WELL Community” certifications for Milan’s Porta Nuova district, making it the world’s first district redevelopment project to aim for this double certification. These two complementary certifications will analyse the social, environmental, and economic aspects of the Porta Nuova development by documenting the community’s engagement in creating a district through the activation of public spaces, the creation of an innovative and replicable urban economic model, and the development of tools to communicate with the community.


The COVID-19 crisis has resulted in social and economic challenges on a global scale and will most likely remain an aspect to consider for the remainder of 2021. The Italian economy has experienced a sharp recession in 2020 and the pace of recovery will depend, amongst other things, on how the health crisis evolves but also on the choices of the recently formed government headed by Mario Draghi.

COIMA believes that the potential increase in the adoption of the “working from home” practice will influence future tenant demand for office space from both a qualitative and quantitative point of view. A recent survey carried by COIMA with 38 corporates who lease office space in Italy (and in particular in Milan), confirmed the fact that companies are likely to increase the possibility for employees to work remotely, however, such increase would not structurally undermine the need to have an office footprint. The likely reduction in office space requirements associated to the increased adoption of remote working by corporates appears relatively marginal, albeit not negligible, and therefore is not something that would create a structural impairment of the office sector going forward.

COIMA foresees that offices and their use will change in the medium-term from places of “production” to places of “interaction”. Therefore, the features of offices (from the point of view of their location as well as in terms of their technical and architectural characteristics) would need to evolve in order to maximise the engagement and productivity of employees and stimulate their creative potential.

Finally, COIMA believes that the polarisation between qualified neighbourhoods and undifferentiated neighbourhoods will consolidate and accelerate further and that qualified neighbourhoods will continue to attract high-quality office tenant demand and maintain limited level of office vacancy in the medium-term. COIMA defines qualified neighbourhoods as the districts which have a “higher than average” score in terms of accessibility to public transport, availability of services and wellness options, availability of public parks and a high degree of diversification in terms of end uses.

To know more about the outlook for the office product, please review the studies “The Future of Offices (Part I)” and “The Future of Offices (Part II)” published by COIMA between October 2020 and February 2021, which are available at

Annual General Meeting

The Annual General Meeting will be convened pursuant to current laws and regulations to deliberate on the following items:

• Approval of the financial statements as at December 31st, 2020 and presentation of the consolidated financial statements as at December 31st, 2020
• Allocation of the operating result and proposed dividend distribution
• Report on the remuneration policy and the remuneration paid
• Appointment of the Board of Directors for the financial year 2021
• Appointment of the Board of Statutory Auditors
• Authorisation to purchase and dispose of own shares pursuant to art. 2357 of the Italian Civil Code, subject to revocation of the previous authorisation

With reference to this last point, it will be proposed in the context of the Annual General Meeting to renew the authorisation to the Board of Directors for the purchase and disposal of own shares, for a period of 18 months and a maximum amount equal to 20% of the share capital, for the same purposes and under the same price conditions provided for in the authorisation granted by the Annual General Meeting held on June 11th, 2020.

COIMA RES will discuss its results during a public conference call on February 26th, 2021, at 15:00 (Italy time). The call will be held in English and the presentation will be available on the company website ( To participate in the call, please call on of the following numbers:

Italy: +39 028020902

UK: +44 2030595875

USA: +1 7187058795

This press release may contain forecasts and estimates which reflect the current management expectations on future events and developments and, therefore, by their nature, forecasts and estimates involve risks and uncertainties. Considering such risks and uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements which should not be considered as forecasts of actual results. The ability of COIMA RES to achieve the expected results depends on many factors outside of management’s control. Actual results could cause the results to differ materially (and to be more negative) from those expressed or implied in the forward-looking statements. Such forecasts and estimates involve risks and uncertainties that may significantly affect the expected results and are based on certain key assumptions. The forecasts and estimates expressed herein are based on information made available to COIMA RES as of the date hereof. COIMA RES does not assume any obligation to publicly update and review these forward-looking statements to reflect new information, events or other circumstances, subject to compliance with applicable laws.

The Executive responsible for the preparation of the company’s accounting documents, Fulvio Di Gilio, declares that, pursuant to the art. 154-bis comma 2 of the Consolidated Financial Act, the accounting information given in this press release corresponds to accounting documents, books and entries.

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Giulia Salami

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