Italian lender UBI Banca has picked local asset manager Coima as exclusive partner for the sale of a €300 mln portfolio consisting of seven assets in Milan.
The portfolio includes value-add properties in the city centre, where UBI will remain as a tenant for the short term. It comprises two assets at 16 and 20, corso Europa, one property at 1, piazza Borromeo as well as other buildings at piazza Zavattari, via Boccaccio, via Silvio Pellico and Monte di Pietà.
Coima is said to have emerged ahead of Ardian, Blackstone, JP Morgan as well as other institutional investors in the bidding for the portfolio.
It is one of two major real estate packages being sold by the banking sector in Italy. Lender MPS is said to have received two binding offers from Blackstone and a joint venture of Hines and Ardian for a €350 mln portfolio of non-core assets.
The portfolio includes a total of 30 buildings across Italy including a historic asset at Rome's via del Corso, two offices in Florence's city centre, and MPS' historic head office in Milan's via Santa Margherita 11.