COIMA SGR completes purchase of Pirelli 35, ex Telecom Italia Headquarters in Milan

Belvedere Inzaghi & Partners, DLA Piper, Shearman & Sterling and LED Taxand advised COIMA on the deal.

COIMA SGR S.p.A., Italy’s leading Real Estate investment, development and management company, concluded the acquisition of Via Pirelli 35 in Milan, the former Telecom Italia headquarters, from a major German investment fund. The bank loan, with a duration of 5 years and amounting to 152 million euros, is intended for both the purchase and development of the building; the loan was secured by a pool of banks including UniCredit, as coordinator, Banca IMI, Banco BPM and UBI Banca.

The transaction is sponsored by the COIMA Opportunity Fund II (COFII), the largest Italian discretionary real estate fund with a value-added and development strategy and an investment capacity, including financial leverage, of over 1.5 billion euros.

COFII has now completed its capital raising phase with over Euro 650 million in subscriptions. The fund’s strategy is focused on an investment program in Italy dedicated to the requalification of existing buildings and urban regeneration transactions, with the goal of bridging the gap between demand and supply across various real estate usage categories, with a particular focus on the office sector. COIMA envisages, by the end of 2022, the completion of the requalification and repositioning of the current building, comprised of 9 above-ground floors and 2 underground floors, a cross a total surface area of over 40,000square meters, while maintaining its designated use as office space.

The acquisition was supported by the law firms Shearman & Sterling for civil law matters, Belvedere Inzaghi & Partners for administrative matters, DLA Piper for the loan and by LED Taxand for tax matters.

Belvedere Inzaghi & Partners-BIP advised on public law aspects of the deal with a team including Guido Alberto Inzaghi and Carolina Romanelli.

DLA Piper advised COIMA on financial aspect of the transaction with a team led by partner Ugo Calò, assisted by lead lawyer Giampiero Priori and lawyer Flavia Pertica.

Shearman & Sterling advised COIMA with Emanuele Trucco and Davide Cavazzana.

LED Taxand advised COIMA SGR on the tax aspects of the acquisition and of the financing with a team including Jean-Paul Baroni (Picture) and Euplio Iascone.

Gianni, Origoni, Grippo, Cappelli & Partner advised the syndicate of banks on the deal.

Involved fees earner: Guido Alberto Inzaghi – Belvedere Inzaghi & Partners (BIP); Carolina Romanelli – Belvedere Inzaghi & Partners (BIP); Ugo Calò – DLA Piper; Flavia Pertica – DLA Piper; Giampiero Priori – DLA Piper; Jean-Paul Baroni – LED Taxand; Euplio Iascone – LED Taxand; Davide Cavazzana – Shearman & Sterling; Emanuele Trucco – Shearman & Sterling;

Law Firms: Belvedere Inzaghi & Partners (BIP); DLA Piper; LED Taxand; Shearman & Sterling;

Clients: Coima SGR;