COIMA SGR has acquired the HD8 Hotel Milano in Milan, Italy, from European real estate company Covivio in a deal valued at €23m ($25.06m).
The company executed the deal through the COIMA Core Fund II, which was established in 2012.
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Located in Piazza Duca d’Aosta, in front of the Central Station, the HD8 Hotel Milano comprises a total area of 3,000m² and features 79 rooms and holds the LEED Gold certificate.
The hotel was completely renovated in 2021 and is currently leased until 2041, with an option to extend it for further nine years.
In addition to the hotel, the building also includes two retail units on the ground floor, that are leased to many businesses.
COIMA SGR chief investment officer Gabriele Bonfiglioli said: “The acquisition of this building is consistent with the investment strategy of our Core II fund, which aims to focus on quality buildings in central and well-connected locations with attractive returns in a market environment that is beginning to offer attractive opportunities.
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By GlobalData“HD8 Hotel Milano is a LEED Gold-certified building, with leases in excess of 15 years and able to respond to the evolving demand in the hospitality sector, which is seeing a continuous increase in tourists and business travellers looking for accommodation in boutique hotels well positioned in relation to the city centre.”
The company completed the deal using a new €33m ($35.95m) loan secured by BPER Banca on the Core II fund.
Simmons and Simmons served as legal counsel, Savills’ Hospitality team as commercial advisor and Alma Led as a fiscal advisor for the transaction.
