Shearman & Sterling represented COIMA RES S.p.A. in connection with the institutional offering and concurrent listing of its ordinary shares on the Mercato Telematico Azionario, organized and managed by Borsa Italiana S.p.A. The transaction represents the first IPO of an Italian property company in a decade.
COIMA RES is an Italian REIT (Società di InvestimentoImmobiliare Quotata – SIIQ), incorporated in 2015, whose investment strategy aims at forming a high-quality portfolio of properties, focusing on prime core properties, core properties and high-yield/core plus properties. The initial portfolio of COIMA RES comprises (i) the units of the closed-end real estate investment fund reserved to qualified investors named “Coima Core Fund IV,” which owns 96 real estate properties located in Italy, mainly used as bank branches and leased to the Deutsche Bank Group, contributed by Qatar Holding LLC, and (ii) a portion of the real estate property located in Milan known as “Vodafone Village,” fully leased to the Vodafone Group.
Shearman & Sterling also represented long-standing client Qatar Holding LLC, a wholly owned subsidiary of Qatar Investment Authority, as anchor investor in COIMA RES.Citigroup Global Markets Limited and Mediobanca-Banca di Credito Finanziario S.p.A. acted as joint global coordinator and, together with Kempen & Co N.V., Banca IMI S.p.A. and UniCredit Bank AG, Milan Branch, as joint bookrunners of the offering.
The Shearman & Sterling team was led by partner Domenico Fanuele (Rome-Capital Markets) and counsel Emanuele Trucco (Milan-Capital Markets), and included associates Giovanni Cirelli, Camilla Zanetti, Maria Romeo and Carmelo Contente (all Rome-Capital Markets), with support from partners James Duncan (London-European Finance), Kristen Garry (Washington D.C.-Tax) and Simon Letherman (London-Tax), and associates David Shennan (London-European Finance), Leona McManus (London-European Finance), Oliver Linch (London-Financial Institution Advisory & Financial Regulatory) and Gabriel Ng (London-Tax). Partner Nathan Greene (New York-Investment Funds) and associate Nancy Hau (both London-Investment Funds) assisted with respect to the US Investment Company Act of 1940 aspects of the transaction.