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Intesa Sanpaolo and Coima have signed an agreement to evaluate the best opportunities in the real estate sector to enhance the value of the banking group’s properties in the changed market context. As stated in a joint note, the agreement provides for the transfer of a real estate portfolio of the bank with a total value of over 500 million euros to investment vehicles managed by Coima Sgr, taking into account «the evolution of strategies in real estate compared to the strong acceleration given to the achievement of ESG objectives in the sector”.
The operation will lead to a significant reduction in Intesa Sanpaolo’s real estate assets. The assets involved in the operation are three properties defined as “prime” in Rome in via dei Crociferi and in Milan in via Clerici/Piazza Ferrari and in Via Verdi, and further properties in the process of being released or disposed of in the coming months, in various cities between including Milan, Turin, Rome, Brescia, Bergamo, Bologna, Padua and Florence. The completion of the transaction is subject to the occurrence of certain conditions precedent.
Upon contribution, Intesa Sanpaolo will receive shares of Coima vehicles which will be identified based on the type of properties included in the portfolio and the related valorisation strategy. The agreement also provides for the study of further areas of collaboration in the real estate sector which could generate commercial opportunities of mutual interest. What has been announced is part of the broader Smart Management strategy of Intesa Sanpaolo’s properties, as envisaged in the 2022/2025 Business Plan presented by CEO Carlo Messina. «The initiatives connected to it envisage a strong acceleration towards the new way of working for the instrumental properties and a significant modernization of the working environments in the management spaces», we read. As regards non-instrumental properties, full valorisation of the assets is envisaged through sales and active management such as, for example, leasing or creation of new businesses.