Italian REIT Coima RES confirmed this week that it has sold a major office building in the Eur district of Rome to UBS Asset Management, acting on behalf of Swiss insurer Zurich Investments Life for €90.3 mln.
PropertyEU first reported last week that UBS Asset Management, acting on behalf of the Zurich Italy Real Estate fund, was poised to buy the property in the Italian capital.
'Coima Res closes the year 2018 completing its first round of investments since the IPO with the acquisition of the Pavilion from UniCredit and achieving its first roundtrip performance with the sale of the Eurcenter asset in Rome at a 13% premium and delivering a 20% IRR,' said Manfredi Catella, founder and CEO of Coima.
Coima Core Fund IV (previously known as MH Real Estate Crescita, i.e. MHREC) is the vendor. The fund is 86.7% owned and fully consolidated by Coima.
'These achievements allow us to crystallise performance and highlight the significant embedded value of the company which is characterised by a Milan-focused defensive portfolio with solid growth prospects,' concluded Catella.