ING finances Grade “A” property acquisition for COIMA RES in Milan
ING Real Estate Finance acted as sole lender of a € 20 million 43% LTC 5 year term mortgage loan for the acquisition of two separate “Grade A” office buildings at the Via Privata Deruta 19 in Milan by COIMA RES S.p.A. SIINQ 1, a fully owned subsidiary of COIMA RES S.p.A. SIIQ.
The property has a combined net surface of approximately 13.650 sqm and was acquired for € 46 million from Immobiliare Deruta 2005 S.a.s., owned by Warburg – HIH Invest Real Estate GmbH, a German Real Estate Fund for institutional investors.
It is leased to BNL (BNP Paribas Group) and generates € 3.5 million in gross annual rent.
The Deruta property is in North East Milan, well connected to public transportation and the highway network, and accommodates approximately 900 employees of the BNL - BNP Paribas Group.
Manfredi Catella, CEO of COIMA RES, commented: "Including the acquisition of the building in Via Deruta in Milan with an EPRA net initial yield of 6.8%, in just eight months COIMA RES has been able to invest in a quality real estate portfolio of more than 600 million euros with a higher yield than expected and a risk profile strictly under control. We thank ING for supporting us in these transactions."
Annerie Vreugdenhil, Global Head of ING Real Estate Finance, commented: “We are proud to have been able to support COIMA RES in taking another step in realising their strategic plan. This transaction shows the continued commitment of ING towards COIMA RES.”