Intesa Sanpaolo and Coima have signed an agreement to contribute the bank's real estate portfolio of more than 500 million euros to investment vehicles managed by Coima Sgr.

This is according to a note.

Intesa Sanpaolo will receive shares in the Coima vehicles to which the properties will be contributed.

In detail, these are three properties located in Rome at Via dei Crociferi 44 and in Milan at Via Clerici 4-6/Piazza Ferrari 10 and Via Verdi 9-11-13. And additional properties being released or disposed of in the coming months, located in several cities including Milan, Turin, Rome, Brescia, Bergamo, Bologna, Padua and Florence.

The transaction will result in a significant reduction in Intesa Sanpaolo's real estate assets, the statement added.

The agreement between Intesa Sanpaolo and Coima also provides for "the study of further areas of collaboration in real estate that could generate business opportunities of mutual interest," the note says.

The agreement is part of the broader strategy of 'Smart Management' of the group's properties envisaged in the 2022/2025 Business Plan presented by CEO Carlo Messina.

(Giancarlo Navach, editing Sabina Suzzi)