Covivio has sold the Piazza Duca d’Aosta 8 building in Milan, which houses the HD8 Hotel Milano and commercial spaces, to Coima sgr for €23 million. The acquisition was carried out through the Coima Core Fund II and financed by BPER Banca, as reported by Bebeez.
The 3,000 square meter LEED Gold-certified building has 11 floors and is fully leased to the hotel until 2041, with a possible extension until 2050. The transaction is in line with Coima’s investment strategy and reflects the attractiveness of centrally located properties with strong rental contracts in the hospitality sector.
Simmons & Simmons, Alma Led, and Savills provided legal, tax advisory, and commercial advisory support, respectively, for the acquisition. Covivio had previously acquired the building for €11 million in 2018 and the recent sale completes the asset’s value creation process. The property is part of a larger complex that was demolished in 2014 and rebuilt as a hotel in 2015. Covivio is listed on Euronext Paris and has a significant presence in Milan, with 95% of its Italian office portfolio located in the city.
Coima sgr manages 33 real estate funds with over €10 billion in investments and is part of Coima Holding, along with Coima Rem and Coima Ht. Coima has set a target of €1.5 billion in sales by the end of 2024 and has already signed agreements for €200 million since November 2022. In May, Coima sgr increased its stake in Abilio, a subsidiary of illimity group specializing in digital real estate intermediation, by acquiring an 18% stake through a capital increase.