BNP Paribas partners with Coima in Milan’s Diamante Tower Fund

BNP Paribas will invest alongside the Coima-managed Porta Nuova Varesine Fund into the ownership vehicle of Milan's iconic Diamante Tower.

Diamante Tower, Milan

To solidify this long-term partnership, the asset fund's term has been extended to 2048, and BNP Paribas has extended its lease in the building until 2038.

The transaction values the Diamante Tower, which has housed the bank's Italian HQ since 2016, at more than €400 mln.

The asset was transferred from the Porta Nuova Varesine Fund to the newly established Porta Nuova Diamond Fund to facilitate the co-investment.

The bank's relationship with Coima dates back to 2015, resulting at the time in a dual agreement where Coima acquired the bank’s historic Piazza San Fedele offices while BNP Paribas leased the Diamante Tower. Today, the Kohn Pedersen Fox-designed skyscraper stands 140 meters tall, spans 30,000 m2, holds LEED Gold certification, and accommodates over 2,000 professionals.

Its home district, Porta Nuova, represents 20% of Milan's office leasing market and boasts full occupancy as the world's first district to achieve both LEED and WELL Community certifications.

Marco Lattuada, head of BNP Paribas CIB Italy and executive chairman of BNL BNP Paribas CIB, commented: "In a dynamic and highly competitive office market such as Milan, strengthening our ownership position in such an iconic building, located in the strategic Porta Nuova district, is of significant strategic importance."

Matteo Ravà, head of Fund and Asset Management at Coima, said: "This transaction further confirms Porta Nuova's established value as a district offering high-quality assets supported by active asset management capable of preserving their long-term attractiveness. Over the years, the district has built a vibrant community of more than 100 companies across a broad range of industries and has achieved full occupancy."

A&O Shearman, Maisto e Associati, and Tremonti Partners advised the Porta Nuova Varesine Fund; Chiomenti and KPMG advised BNP Paribas; while McDermott acted on behalf of the lending banks to the Porta Nuova Varesine Fund.