This approach allowed us to set up a simple, clear and measurable business model and to distribute dividends from the first year of activity. Also in consideration of the specific characteristics of the real estate market for office use in Italy and Milan and the scarcity of Grade A properties, the Company also considered it appropriate to have the possibility of accessing a type of investment with a profile of greater risk and return, i.e. refurbishment projects (called Value-add, where the restructuring costs expected in the shortmedium term exceed 20% of the purchase value). To this end, and with a view to limiting the capital allocation to these projects and consequently the relative exposure to risk, the Company has pursued this path through the joint venture method. In particular, where proposed by COIMA SGR, COIMA RES can co-invest together with the cornerstone investors of the COIMA Opportunity Fund II (“COF II”) in specific projects led by COF II, allowing to increase its exposure to Value-add projects. COIMA RES has already invested in joint ventures together with COF II, which is the majority shareholder of the Corso Como Place project, in which COIMA RES has a 35.7% share.