📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

Italy's Intesa Sanpaolo, Coima sign real estate deal

Published 26/04/2024, 11:56
© Reuters.
ISP
-
0HBC
-

ROME (Reuters) - Intesa (LON:0HBC) San Paolo has agreed to transfer a 500 million euro ($537 million) property portfolio to investment vehicles managed by real estate firm Coima, Italy's largest bank said on Friday.

The move is part of Intesa's "smart management" strategy for its real estate assets, aimed at enlarging its main offices but downsizing the total surface area of its other Italian properties.

The bank aims to cut its portfolio by 21% to 3.2 million square metres (sqm) in 2025 from 4.05 million sqm in 2021 under its most recent 5-year business plan.

The Coima companies will manage three prime locations in Rome and Milan city centres and other properties in cities including Turin, Bologna, Padua and Florence, which still need to be vacated or sold.

"The agreement with Intesa Sanpaolo (BIT:ISP) is an important result in the path undertaken (by Coima) and is an accelerator for growth, following our shared objectives," Coima CEO Manfredi Catella said.

Coima manages around 30 real estate funds, for a total of 10 billion euros in investments.

The two companies will consider further areas for partnership in real estate, they said in a statement.

($1 = 0.9314 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.