UBS Asset Management (Italia) SGR’s €90.3 million acquisition of Eurcenter property in Rome from COIMA Res Siiq

COIMA RES has sold the Eurcenter property in Rome to Zurich Italy Real Estate Fund, a fund fully subscribed by Zurich Investments Life and managed by UBS Asset Management (Italia) SGR, for EUR90.3 million.

The disposal of the Eurcenter represents the largest single office transaction in Rome in 2018, a market characterised by lower transaction liquidity versus Milan. The Eurcenter is COIMA RES’ second largest property, representing 12 per cent of COIMA RES’ portfolio.

The sale price represents a premium of 13 per cent vs the asset acquisition price (August 2016) and a premium of 4 per cent vs the last book value of the property as of 30 June 2018, thus supporting the valuation of COIMA RES’ portfolio of assets. The “roundtrip” levered IRR achieved by COIMA RES on the Eurcenter investment is 20 per cent (unlevered IRR of 11 per cent). The sale price implies a net stabilised yield in line with the prime net yield of the EUR area in Rome.

Dentons advised UBS Asset Management (Italia) Sgr on the acquisition with a team led by partner Maria Sole Insinga and associate Alessandro Gnoato for real estate matters, partner Federico Vanetti and associate Cristina Melentieva for Public law and associate Matteo Chinaglia for ttax aspects.

Chiomenti advised Coima with a team led by partner Umberto Borzi, alongside senior associate Andrea Francesco Castelli and associate Enrico Piro.

BIP advised Coima on Real estate and Public law with a team led by co-founding partner Guido Alberto Inzaghi assisted by da Carolina Romanelli.

LED Taxand advised Coima on tax matters on the deal with a team led by partner Jean-Paul Baroni (picture).
Involved fees earner: Jean-Paul Baroni – LED Taxand;

Law Firms: LED Taxand;

Clients: COIMA RES S.p.A. SIIQ;