Lease agreement with Accenture for Corso Como Place

Milan, July 19th, 2019 – COIMA RES (the "Company") informs that Accenture, a global leader in the professional services sector, signed a preliminary lease agreement for the entire high rise (building A) of the Corso Como Place project (previously known as the Bonnet project).

The high rise, with approximately 14,900 square meters of commercial surface, corresponds to 78% of the entire Corso Como Place project under development. The remaining 22% relates to building C, currently under construction, and for which are already underway discussions with prospective tenants.

The multi-annual lease agreement with Accenture has been signed at a 16% premium compared to the ERV (Estimated Rental Value) as per the independent appraisal report as of December 31st, 2018. Such premium is due in large part to the additional surfaces extracted in the design and construction phase and, in second order, to the level of rent per square meter agreed. The delivery of the building to Accenture is scheduled for 2020.

The signing of the lease agreement with Accenture, which took place earlier than originally planned at the time of the acquisition of the complex in December 2016, represents an important validation for the Corso Como Place project and confirms the interest from tenants for “next generation” office properties in the Porta Nuova district. The independent research firm Green Street Advisors puts Porta Nuova among the top European districts for rental and occupancy growth estimating a 10% growth rate for 2019-2021.

COIMA RES owns a 35.7% stake in the Corso Como Place project through the Porta Nuova Bonnet fund while the remaining 64.3% is owned by COIMA Opportunity Fund II.