Italian real estate company Coima Res has closed the purchase of the Pavilion, a real estate complex, from banking and financial services company UniCredit for 45.0 million euros ($51.1 million).
The total purchase price included $52.5 million transfer tax and due diligence costs, plus a potential earn-out of up to $5.6 million. On 21 May 2018, Coima Res entered into a preliminary purchase agreement with UniCredit to buy the Pavilion.
Coima Res inked a nine-year leasing agreement with U.S. information technology company IBM for the entire property, which will be effective from the first quarter of 2019.
In February, Coima aanounced plans to commit $1.7 billion in Italian real estate after major institutional investors committed to its second opportunity fund.