UBI Banca and COIMA SGR agree deal for Porta Nuova building

UBI Banca and COIMA SGR, on behalf of the Porta Nuova Gioia fund, have agreed a 15-year lease for Gioia 22, a building in Milan’s Porta Nuova district designed by the architectural firm Pelli Clarke Pelli Architects, which will be completed and set up according to the specifications of UBI Banca.

UBI Banca simultaneously acquired 100 per cent of the shares of the Porta Nuova Gioia fund, which owns the Gioia 22 building, from a leading global institutional investor. COIMA SGR has also entered into an agreement with UBI Banca which will allow it to acquire directly or by designating a third-party investor, at its discretion, a stake in the Porta Nuova Gioia fund at the start of the rent, after the completion of the construction and set-up works expected by 2021.

Finally, UBI Banca has sold seven properties in Milan to vehicles managed by COIMA on behalf of primary global and national institutional investors. These properties are located in Via Monte di Pietà 5/7/9, Via Pellico 10/12, Via Boccaccio 2, Piazzale Zavattari 12, Piazza Borromeo 1, Corso Europa 16 and 20. UBI Group will continue to occupy these seven properties until the transfer to the new headquarters in Via Melchiorre Gioia 22. Upon vacancy, COIMA SGR will start a €500 million urban regeneration programme.
Manfredi Catella, Founder and CEO of COIMA SGR, says: "This transaction, which involves the participation of leading global and national institutional investors, is a strong signal for Italy at both a domestic and international level that we have entered an important phase of economic activity restarting following the Covid-19 pandemic. We have long held the belief that real estate projects need to be based upon circular economy and sustainability, and UBI‘s decision confirms Porta Nuova’s position as a pioneer for this kind of sustainable development. We believe that the Covid-19 outbreak will only accelerate demand for these types of buildings and on this basis, this agreement is celebrated after more than a year of close collaboration and work."