The HD8 Hotel Milano has changed ownership as the asset management company Coima sgr has acquired it from Covivio for €23 million.
In a strategic location near the central station and the underground
The 4-star hotel has 79 rooms and is on 11 floors in Piazza Duca d'Aosta. Having undergone a complete renovation in 2021, the hotel is currently leased until 2041, with a potential extension of nine additional years. It boasts an impressive average booking rate, consistently reaching close to full occupancy (over 90%), owing to its strategic location near the central station and two underground lines.
“Our Core II fund focuses on high-quality properties in central, well-connected locations”
“The purchase of this building aligns with the investment strategy of our Core II fund, which focuses on high-quality properties in central, well-connected locations offering attractive returns,- says Coima’s chief investment officer Gabriele Bonfiglioli. “-
The transaction was carried out through the Coima Core Fund II (Core II), which was established in 2012 with an investment strategy focused on acquiring and managing properties in major Italian cities, particularly Milan.
A significant redevelopment project
The current portfolio comprises direct investments in eight properties totalling approximately 30,000 square meters, along with four indirect commitments to other real estate funds and companies. The transaction was made possible through a new loan of around €33 million secured by the Core II fund with Bper Banca. “This transaction concludes the asset enhancement process, which already involved a significant redevelopment project, including the transformation of the original office space into a hotel,” said Alexei Dal Pastro, Covivo’s Italian managing director.
