Home » Coima Res: Opas worth over 360 million for the offices of the new Milan

Coima Res: Opas worth over 360 million for the offices of the new Milan

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Coima Res: Opas worth over 360 million for the offices of the new Milan

Qatar and Catella accelerate on the Milan offices. Evergreen, a vehicle 97% owned by Qatar Holdings and 3% by Coima Holding, this morning launched a voluntary totalitarian public purchase and exchange offer (Opas) on Coima Res, a real estate company listed on the Milan Stock Exchange since 2016 (Euronext Milan ) and a reality active in the office and commercial segment. Its portfolio includes prestigious properties such as the new Microsoft headquarters located in the heart of Milan, in the Porta Nuova district. Or the innovative Pavilion, a building conceived as an ideal seed and located in Piazza Gae Aulenti also in Milan, which is currently located in IBM.

The offer is aimed at delisting the stock and aims to accelerate growth. Assuming full acceptance of the cash option, the transaction value would be € 361 million. “The privatization of Coima Res is functional to enable phase three of the Industrial Plan and, therefore, to build the growth of the portfolio – said Manfredi Catella, president of Coima Res, on the occasion of the press conference held in the early afternoon in following the takeover bid -. A portfolio which, moreover, is complementary and strategic to many of the investments we have already made in the tertiary sector ».

The segment, a note reads, concerns office and commercial properties, based on a growing demand from tenants for high-quality sustainable assets, located in interconnected, resilient neighborhoods with the ability to adapt to the evolution of way of working. “Remote work will go from a 5% to 40% share – said Catella -. While the common spaces will grow ». The focus is on qualified areas, therefore well served and interconnected.

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“With this operation we will multiply our stake three times, investing more than 15 million,” said Catella.

If the transaction is successful, the new reality will continue to be called Coima Res but will be transformed into Sicaf (Fixed capital real estate investment company) by Sic. It will continue to be managed by Coima Sgr which already managed the entire portfolio.

The Offer will allow the current Coima Res shareholders to immediately crystallize a significant premium on the current and historical price of the share or, alternatively, the shareholders will be able to participate in the growth strategy of the Offeror by joining the exchange offer.

The parties acting in concert will bring 41.4% of the share capital into acceptance of the offer.

Evergreen offers 10 euros for each Coima Res share, with a premium of 38.5% compared to the average price weighted for the volumes of the official prices in the twelve months prior to April 27, 2022. Alternatively, Evergreen offers n. 1 unlisted BidCo share for n. 1 Coima Res share brought in acceptance of the Offer, up to a maximum of 25% of the share capital.

Around 16.00 the Coima Res stock was rallying by 20.30% just below € 9.87 and close to the price of Opas.

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