Italy's Coima Res secures €70m loan for Milan assets

Italian REIT Coima RES said on Tuesday that it has obtained a new €70 mln loan secured on its Tocqueville and Monte Rosa properties in Milan from lenders Banca IMI, BNP Paribas, ING Bank and UniCredit.

The new facility has a five-year maturity and an 'all in' cost of 1.93%. 

In addition, the company has agreed a two-year extension of a €149 mln loan secured against the Vodafone Village and the Deutsche Bank portfolio with the same pool of banks, raising the maturity of the facility to five years.

These financings extend Coima Res' average weighted debt maturity from three to five years.

Finally, the company said that its 36%-owned Porta Nuova Bonnet Fund has secured finance of €96 mln from Banco BPM for the Bonnet value-add development project.

'Having been able to confirm our attractive financing conditions while extending the overall debt maturity validates the prime quality of our underlying properties, our consolidated collaboration with leading banking institutions and the resilience of the Milan real estate market,' said Manfredi Catella, founder and CEO of Coima Res.


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