Objective of delisting and expansion of the commercial and office portfolio. Evergreen has launched a voluntary public purchase and exchange offer (Opas) on all the ordinary shares of Coima Res Spa SIIQ. Evergreen offers 10 euros for each Coima Res share, with a premium of 38.5% compared to the weighted average price for the official price volumes in the twelve months prior to April 27, 2022. Alternatively, Evergreen offers an unlisted BidCo share for each Coima Res share brought in acceptance of the offer, up to a maximum of 25% of the capital.
Evergreen is controlled by Qatar Holding for 97% and by Coima Holding of Coima Gp Srl & C SAPA, a company controlled, indirectly through Coima GP, by Manfredi Catella for 3%. The parties acting in concert will bring 41.4% of the share capital into acceptance of the offer. Evergreen aims to obtain subscriptions equal to at least 95% of the capital of Coima Res and obtain the delisting (threshold that can be partially waived as long as the subscriptions are equal to at least 66.7% of the capital)
The strategic objectives
The offer has the strategic objective of accelerating the growth of Coima Res real estate portfolio in the office and commercial real estate segment, leveraging the growing demand for high quality sustainable buildings, located in interconnected, resilient neighborhoods that have a increasing degree of flexibility. Looking ahead, Evergreen aims to implement an investment and growth strategy, at least in an initial phase, in continuity with the current strategic structure adopted by Coima Res, focused on properties located in the main Italian cities and mainly intended for leasing. office and commercial. The focus will remain on primary properties of superior quality, especially in Milan for the tertiary use, with particular emphasis on the Porta Nuova district.
From Res to Sicaf
Coima Res will continue to operate with the same name in a private rather than a public form, and will be transformed, following the merger, into an externally managed real estate investment company (SICAF) managed by Coima Sgr. with Coima Res employees who will be integrated into Coima Sgr.
The parties have undertaken for six months not to bring any Coima Res shares owned by them to any competing offer. As stated in a note, the parties identify the real estate portfolio developed by Coima Res as “a long-term investment, complementary to other properties owned and / or managed including those of Porta Nuova in Milan”. This characteristic represents, according to Evergreen, a solid basis for continuing to invest in the development of Coima Res, “accelerating its dimensional growth with the aim of consolidating its role as a real estate platform among the leaders in the Italian market for tenant satisfaction and environmental and financial performance “.
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