COIMA RES disposes a portfolio of bank branches

Milan, November 8th, 2019 – COIMA RES announces that it has signed a preliminary agreement for the sale of a portfolio of 11 bank branches located in the North of Italy. The agreed sale price for the portfolio is Euro 23.5 million, a price substantially in line with the book value as of June 30th, 2019 (discount of 2.0%). The disposal is expected to close before June 2020.

With this disposal, COIMA RES has now sold 48% of the bank branches portfolio which was contributed at the time of the IPO (including the disposal of the entire South of Italy portfolio closed in January 2018 and representing 60% of the disposals to date) for a total value of Euro 66.3 million and at a valuation substantially in line with the IPO contribution value (average discount of 1.6%). The remaining portfolio is made up of 58 bank branches valued at Euro 69.6 million representing less than 10% of the overall COIMA RES’ portfolio.

Overall, 52% of the remaining bank branches portfolio is situated in Lombardy (of which 10% is in Milan), 13% is in Rome (one single bank branch), 10% is in Piedmont, 10% is in Veneto, 9% is in Tuscany, 6% is in Liguria and the remaining 1% is in Emilia Romagna.

COIMA RES will continue to evaluate further disposal of bank branches with the aim to further concentrate its portfolio in Milan.