Ubi Banca has finalized with Coima Sgr and with some different institutional investors real estate agreements that are part of the group's logistical-administrative reorganization project in the city of Milan.
Going into detail, the Bergamo bank acquired 100% of the Porta Nuova Gioia Real Estate Fund from an institutional investor, managed by Coima Sgr, which owns the development project of the area located in Via Melchiorre Gioia 22 in Milan. The institute "will provide support for the completion of the construction, expected by 2021", Ubi said in a note.
The bank has also signed various agreements with institutional investors which envisage the sale by the bank of 7 properties located in Milan (in Via Monte di Pietà 5/7/9, Via Pellico 10/12, Via Boccaccio 2, Piazzale Zavattari 12, Piazza Borromeo 1, Corso Europa 16 and 20) and, at the same time, has stipulated with the respective buyers the lease contracts for the properties sold which will allow the Ubi group to occupy them until they are transferred to Via Melchiorre Gioia.
"Due to the sale of the properties indicated above - explains Ubi in a note - the Ubi group will realize a final gross capital gain of around 54 million, which will be partly (approximately 30%) accounted for in the results for the 2nd quarter of 2020 and partly in those for the 3rd quarter of 2020, in line with the deadlines for finalizing the deeds".
Further benefits for the group will derive from the sale of part of the units in the Porta Nuova Gioia Real Estate Fund to institutional investors, envisaged upon completion of the building in via Melchiorre Gioia, and from the containment of the operating costs of the new headquarters compared to the current locations, equal to about 5 million euros per year.
“With the centralization in MG22, the UBI Group will achieve an efficiency improvement of the spaces used on the Milan square by over 36%, investing in a property that sets benchmark environmental sustainability objectives for the sector. A further indirect contribution, in terms of environmental sustainability, will be made possible through the sale of the 7 properties which will be the subject of important redevelopment projects", concludes Ubi.
