COIMA RES S.p.A. SIIQ (“COIMA RES” or the “Company”) – announces that it has entered into a new financing agreement with UniCredit for Euro 31.5 million (including the VAT line) for the financing of the acquisition of the Pavilion.
The financing is secured against the property and features a 5-year maturity and an “all in” cost of c. 1.80%. The financing will be drawn upon closing of the acquisition which is expected by January 2019.
As a reminder, on May 22nd, 2018, COIMA RES signed with UniCredit a preliminary purchase agreement to acquire the Pavilion for Euro 45.0 million (Euro 46.3 million including transfer tax and due diligence costs).
In addition, COIMA RES signed on August 1st, 2018 a 9-year leasing agreement with IBM Italia S.p.A., part of the group International Business Machines Corporation, which will be effective from Q1 2019. IBM will be the sole tenant of the property.
Manfredi Catella, Founder and CEO of COIMA RES, commented:
“The prime quality of the Pavilion and of IBM as prospective tenant, coupled with the resilience of the real estate market in Milan are the main factors behind the attractive financing conditions agreed with UniCredit.”