Coima agrees financing deal with Unicredit for Pavilion

Italian REIT Coima Res has inked a €31.5 mln financing agreement with UniCredit for its acquisition of an office asset in Milan from the Italian bank.

Coima agreed terms with landlord Unicredit in May of this year to buy the Pavilion complex in Milan's Porta Nuova district for €45 mln.

The REIT then struck a tenancy agreement in August with IBM Italia, which agreed to occupy the entire property from Q1 2019.

'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,' said Manfredi Catella, founder and CEO of COIMA Res.

The financing is secured against the property and features a five-year maturity and an 'all in' cost of 1.80%. The financing will be drawn upon closing of the acquisition which is expected by January 2019.


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