Coima Res

What Coima Res does

COIMA RES S.p.A. SIIQ is an Italian listed real estate investment trust (Società di Investimento Immobiliare Quotata) that debuted on Euronext Milan on May 13, 2016 following an IPO that raised approximately Euro 210 million. The company's stated strategy is the development and active management of a high-quality, sustainability-focused commercial real estate portfolio, concentrated on the Milan office segment and supplemented by a residual bank-branch and Telecom Italia portfolio in Northern and Central Italy. As of late 2019, the portfolio was valued at approximately Euro 665-673 million (with subsequent growth above Euro 800 million) and comprised roughly 77 properties totalling about 189,000 square metres, of which ~90% sit in Milan and ~80% are offices, with a notable weighting to the Porta Nuova district.

The asset base centres on income-producing core, core-plus and value-add properties including the Vodafone Village complex, Monte Rosa, Tocqueville, Pavilion, Gioiaotto, Corso Como Place (development), Deruta, the Microsoft and Philips headquarters, the Deutsche Bank branch portfolio, and the Telecom Italia portfolio. Tenant mix is dominated by multinational blue-chips - Vodafone, IBM, Microsoft, Philips, Accenture, PwC, Techint, NH Hotel Group, QBE Insurance - typically on long-term, CPI-indexed or fixed-rent leases; the Vodafone master lease runs through January 2027 with a six-year automatic renewal, and the IBM sole-tenant lease on Pavilion is structured 9+6 years.

Coima Res generates revenue primarily through rental income (recurring, B2B-style contractual cash flows) with gross rents of Euro 36.3 million in 2018 (up 5.9% year-on-year) and 9M 2019 rents of Euro 26.9 million. The go-to-market is institutional: the company raises equity through the public SIIQ vehicle, debt through a syndicate of Italian and European banks (Banca IMI, UniCredit, BNP Paribas, ING), and co-investment from sovereign-wealth and other institutional partners including Qatar Investment Authority, COIMA Opportunity Fund II, and Meritz Financial Group. Asset and investment management is outsourced to the COIMA platform's COIMA SGR under a multi-year contract (extended five years in March 2020), and corporate headquarters sit at Piazza Gae Aulenti 12 in Milan, Italy.

Name

Coima Res

Legal name

COIMA RES S.p.A

Website

https://coimares.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

COIMA RES is an Italian listed REIT (SIIQ) that invests in and actively manages a high-quality, sustainability-focused commercial real estate portfolio concentrated on Milan offices, leased primarily to multinational blue-chip tenants on long-term contracts.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment (REIT)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Investment Activities (5239)

SIC

Lessors Of Real Property, Nec (6519), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Co-Investment Aggregators & Multi-Manager Co-Invest Vehicles (FSAHAKAJ)

akta.pro secondary industries

OCIO Providers (Outsourced CIO) (FSAAAGAH), Multi-Asset Solutions for Institutional (Pensions/Endowments/Sovereigns) (FSAAAJAJ)

Keywords

• Commercial real estate
• Italian REIT
• Office property investment
• Property asset management
• Milan office portfolio

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Commercial Property Rental Income: COIMA RES generates revenue through rental income from commercial properties in its portfolio. The company owns office buildings and bank branches primarily in Milan and other Italian cities, with tenants including multinational corporations. Revenue is recurring in nature with long-term lease agreements providing stable cash flows.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

COIMA RES S.p.A. SIIQ is an Italian listed real estate investment company that acquires, owns, and actively manages income-producing commercial real estate properties in Italy, with a strategic concentration on Class A office buildings in Milan. The company leases its properties to blue-chip multinational tenants (IBM, Microsoft, Vodafone, Philips, PwC, Accenture, Techint) under long-term rental agreements and manages the portfolio through COIMA SGR.

Product overview

COIMA RES is a Società di Investimento Immobiliare (Italian Real Estate Investment Company, SIIQ) that operates as a single, unified real estate investment platform. The company's investment strategy focuses on creating a high-quality real estate portfolio for generating stable, sustainable, and growing cash inflows, primarily concentrated on the Milan office segment. The portfolio consists of income-producing properties including Core, Core+, and Value-added assets: Corso Como Place (development project), Pavilion, Gioiaotto, Vodafone Complex, Monte Rosa, Microsoft HQ, Philips HQ, Tocqueville, Deruta, Deutsche Bank Branches Portfolio, and Telecom Portfolio. The strategy emphasizes properties in major Italian cities (particularly Milan and Rome) with high-quality tenants, long-term rental agreements, and strategic locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Corso Como Place Core+ / Value-added development project (formerly known as Bonnet) in Milan Porta Nuova district, comprising office and retail space leased to tenants including Accenture and Bending Spoons.
• Pavilion LEED Gold certified multi-functional building designed by Michele De Lucchi in Piazza Gae Aulenti, Milan, 100% leased to IBM as innovation and meeting space under a 9-year + 6-year lease.
• Gioiaotto

Quantifiable outcome

• Portfolio return on Equity of 11.8% (vs 8.0% in 2017)
• +4 more outcomes

Named customers11 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• Sustainability and Innovation Think Tank (European REITs)minorStrategic or Co-development Partner · 20 December 2017COIMA RES joined alstria, Colonial, Gecina, Great Portland Estates, and NSI to create a sustainability and innovation think tank. Six leading European REITs pooling best practices and conducting joint research on sustainability and innovation in commercial real estate.
• European Public Real Estate Association (EPRA)minorStrategic or Co-development Partner · 7 September 2017EPRA is the major association for the listed real estate sector in Europe. COIMA RES has been a member since 2016 and complies with EPRA Best Practices Recommendations for reporting transparency.
• COIMA SGRcoreStrategic or Co-development PartnerCOIMA SGR is the asset manager and investment manager for COIMA RES properties. Contract with COIMA SGR extended by five years in March 2020. COIMA SGR manages all funds including COIMA CORE FUND IV, VI, VIII and the Porta Nuova Bonnet fund.
• Pan-European Survey ParticipantsminorStrategic or Co-development PartnerJoint initiative with five other European REITs (alstria, Colonial, Gecina, Great Portland Estates, NSI) to conduct first pan-European survey on offices and users. 18 focus groups with 140 end-users in UK, France, Germany, Netherlands, Spain, and Italy.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Regional players

• NSI: Amsterdam-listed Dutch office REIT. Comparable as a smaller, sustainability-focused European listed office REIT participating in the same pan-European think tank as COIMA RES.
• Aedes SIIQ: Italian SIIQ with diversified real estate exposure including offices. Comparable as a domestic Italian listed REIT under the same regulatory regime, though with broader sector and geographic exposure than COIMA RES.
• Immobiliare Grande Distribuzione (IGD): Italian SIIQ listed on Euronext Milan focused on retail real estate rather than offices. Comparable as a domestic Italian REIT operating under the same SIIQ regulatory regime and serving the same institutional investor base.

Broad incumbents

• Unibail-Rodamco-Westfield: Large Amsterdam/Paris-listed European REIT with prime commercial property exposure. Comparable as a flagship European listed REIT operating under the same EPRA reporting framework and serving institutional investors.
• Gecina: Paris-listed major European office REIT with a prime Paris-focused portfolio. Comparable as a sustainability-leading (ESG reporting) European office REIT and fellow EPRA Gold Award participant in the same think tank.
• Colonial: Madrid-listed European REIT with concentrated office exposure in Paris, Madrid, and Barcelona. Comparable as a sustainability-leading, EPRA Gold Award-winning listed REIT participating in the same European office think tank.
• Klépierre: Paris-listed pan-European retail REIT. Comparable as a major listed European REIT with similar institutional investor base and EPRA reporting standards, though focused on retail rather than offices.
• alstria office REIT: Hamburg-listed pure-play office REIT and one of COIMA RES's sustainability think-tank partners. Comparable as a publicly listed, sustainability-focused European office REIT targeting institutional capital.

Direct peers

• Covivio: Paris-listed European REIT with significant Italian office exposure, particularly in Milan. Directly comparable as a pan-European office investor with overlap in the Milan prime office market and similar institutional tenant base.
• Beni Stabili (now part of Covivio): Was Italy's largest listed REIT prior to its absorption into Covivio, focused almost exclusively on the Milan office market. Closest historical direct peer given shared Italian SIIQ structure and Milan-centric strategy.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/coima/?viewAsMember=true

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Coima Res