COIMA RES was created in June 2015.
In May 2016, the company was listed on Borsa Italiana as a Società di Investimento Immobiliare Quotata (“SIIQ”) raising primary proceeds of €215m. At IPO, COIMA RES portfolio consisted of €140m of Detusche Bank branches (contributed into COIMA RES by Qatar Holding in exchange for a 40% stake in COIMA RES) and €215m of proceeds deriving from the primary equity raise performed at IPO.
COIMA RES is established
IPO and contribution of Deutsche Bank branches
Vodafone Village (Milan)
Acquisition of Gioiaotto (Milan) and Eurcenter (Rome) properties
Acquisition of 35.7% stake in Bonnet (Milan) project
Acquisition of Deruta (Milan) property
Disposal of Deutsche Bank branches located in the South of Italy and acquisition of Monte Rosa (Milan) property
Acquisition of Pavilion (Milan) and Tocqueville (Milan) properties
Disposal of Eurcenter in Rome
IBM studios open in the Pavilion in Porta Nuova
Acquisition of Microsoft HQ, Philips HQ and Telecom Portfolio properties (13,7% stake)
The Company’s activity, since its listing on the Stock Exchange to the present day, has been focused on the composition of a high quality real estate portfolio with the aim of progressively focusing on the Milan market (and in particular in the Porta Nuova district) by divesting the properties located in other cities and to further concentrate the portfolio towards the office segment by gradually divesting the portfolio of bank branches situated throughout Italy.
Since the IPO to today, COIMA RES has acquired properties worth Euro 850 million. About 80% of the acquisitions were made through “off market” processes (i.e. avoiding competitive processes on the market). With the aim of improving the quality of the real estate portfolio, of further focusing on the office segment in Milan, of diversifying the portfolio of properties and tenants and of validating the valuation of the real estate portfolio, COIMA RES has undertaken intense portfolio rotation activity, from 2017 onwards, which saw the sale of the Eurcenter property in Rome, the halving of the exposure to the bank branches segment and the sale of a 50% stake in the Vodafone complex to a South Korean institutional investor. The disposals took place overall at a premium of 5.0% with respect to the acquisition (or contribution) price, a premium that rises to 7.6% if the bank branches are excluded.
COIMA RES’ portfolio of tenants is mostly made of mid to large-sized multinational corporations: the ten most significant tenants, representing 87% of the rent roll as of December 31st, 2020 (on a pro-quota basis) include Vodafone, Deutsche Bank, Microsoft, BNP Paribas, IBM, Sisal, PwC, Techint, NH Hotels and Philips.
The attractive level of diversification within the COIMA RES tenant portfolio follows the sale of a 50% stake in the property let to Vodafone, completed in June 2019, as well as the progressive disposal of several bank branches over the last five years, which have reduced the exposure to the two main COIMA RES tenants. The COIMA RES tenant base was further enhanced in 2019 through the acquisition of the Microsoft and Philips headquarters.