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- First REIT on Italian Stock Exchange after the legislative intervention 164/2014 (Unlock Italy)
- Company completes 215 million euro placement
Coima Res debuts today on the MTA, the main market of the Italian Stock Exchange.
The company carries out acquisition and management of real estate assets, mainly consisting of commercial properties, aimed at the generation of rental income.
During placement, reserved only for institutional investors, COIMA RES raised proceeds of 215 million euro, giving a market capitalisation for the whole group of 360.1 million euro.
COIMA RES is the first REIT to debut on the market after the new legislation that made it easier for the listing, the operational activities more flexible and has harmonized the tax treatment, making Italian companies more attractive and competitive in the international context.
Mediobanca and Citigroup acted as Joint Global Coordinators, as well as Joint Bookrunners together with Kempen & Co, Banca IMI and Unicredit. Mediobanca also has the role of sponsor.
Massimiliano Lagreca, Head of REITS, Large Caps & Investment Vehicles at Borsa Italiana, commented:
"We are delighted to welcome the first REIT in our markets after the new legislative action. We hope that this will be the forerunner for placements in real estate. Real Estate in Italy has great potential as demonstrated by the growing interest from institutional investors and sovereign wealth fund. Thanks to the REIT, they now have an alternative to direct investment and the opportunity to invest in diversified portfolios, transparent management and liquid instruments.
