Milan, March 31st, 2022 - COIMA RES announces that the acquisition of Pirelli 32 Office Complex, through the Feltrinelli Porta Nuova Fund, announced on February 9th, 2022 has been finalized today.
The purchase price of the office complex, located in the Porta Nuova district in Milan, reflects a value of the property of Euro 58.2 million.
Pirelli 32 is a 13-storey building with a surface area of about 7,400 square metres, located along the east-west axis connecting the two high-speed railway stations of Milano Centrale and Milano Garibaldi, within the north-east quadrant of Porta Nuova where the area’s new developments are concentrated.
The development of the property will involve an investment of over €30M, with the objectives of substantially contributing to the mitigation of climate change according to the European taxonomy framework for eco-sustainable economic activities (EU 2020/852) for the construction of new buildings. The investment plan will be partially financed with available resources and bank debt.
Based on the expected net rents after the repositioning, Pirelli 32’s estimated net stabilised yield will be above 5%. Following the acquisition of Pirelli 32, COIMA RES's exposure to Milan increases to 92% of its portfolio and exposure in Milano Porta Nuova rises to 61% of its portfolio, with 72,000 sqm in Porta Nuova across 8 properties.