COIMA SGR, a leader in the management of real estate assets for institutional investors, has purchased a retail building in Piazza XXV Aprile in Milan for EUR60 million from Eataly Real Estate S.r.l.. Subsequently, COIMA has signed a 21-year lease agreement with Eataly S.p.A. for the retail spaces of the building, which will see the popular gourmet shopping and dining concept continue to serve customers in Porta Nuova as part of the neighbourhood’s expanding retail and hospitality offering.
The acquisition of the 55,000 square feet (5,000 square metres) building has been made via COIMA CORE FUND I, a fund established in December 2011 which includes Enasarco and ENPAM among the investors.
The acquisition of the building and the completion of the long-term rental agreement will enable COIMA to expand Porta Nuova’s high street retail offering. Following the acquisition, the new retail area will run from Piazza Lina Bo Bardi to Piazza XXV Aprile throughout Piazza Gae Aulenti. Over the next three years, the number of brands present will almost double to around 90, with the total area of premier retail space growing from 215,000 square feet (20,000 square metres) to 323,000 square feet (30,000 square metres). Eataly, a brand with an authentically Italian heritage, is present in 35 locations in Italy and in 15 other countries across the world.
As a mixed-use neighbourhood, Porta Nuova also hosts numerous leading companies that have chosen the district as their home, including from the financial services, IT consulting, fashion and industrial sectors. This includes UniCredit, BILLIONP Paribas, China Construction Bank ltd., Unipol SAI, HSBC Bank plc, Axa, Bank of New York Mellon, Shire, Amazon, IBM, Samsung, Google, Microsoft, Maire Tecnimont, KPMG, Fondazione Feltrinelli, FC Internazionale, Alexander McQueen, Nike, Versace and Moschino.
About 35,000 people currently work in the area, which is expected to grow by more than 20 per cent by 2025 thanks to the relocation of new company head offices to the neighbourhood.
COIMA’s objective is to further strengthen the retail area managed in Porta Nuova, and create a portion of the city that will guarantee visitors an experiential offer built around brands with strong ESG credentials and brand ethics around issues such as the sustainability of products and shops, and the wellbeing of workers.
The retail community of Porta Nuova will further benefit from being managed and promoted via a digital system that offers multichannel services and information, as well as an ongoing activation and engagement program that makes use of external public and private spaces. This will be run in partnership with Biblioteca degli Alberi Milano (BAM), which in 2021, with the Riccardo Catella Foundation, promoted more than 200 cultural events that were available free-of-charge to the public.
To fund the deal, EUR34 million was provided by the current lending banks for the fund – Credit Agricole, BILLIONP and Societe Generale – which have extended their existing agreement. Bonelli Erede provided legal advice to COIMA, with FiveLex acting for Eataly Real Estate; Giliberti Triscorni advised COIMA and Bonelli Erede acted for the banks on the financing aspect. UniCredit assisted Eataly Real Estate as an advisor in the sale process, while Cushman & Wakefield has provided commercial advice to COIMA.
Source: coima.com on the 25th of January