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News May 13, 2016

Shearman & Sterling Advises on COIMA RES IPO on the Italian Stock Exchange

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 below included associates Maria Romeo, Carmelo Contente, Gabriel Ng and Nancy Hau.

The Team