COIMA SGR has invested €50m in a prime Italian retail portfolio.
The Italian fund manager said it had bought five assets for its Core I Fund, backed by pension funds including Fondazione Enasarco and other Italian institutional investors.
The fund, which has a long-term approach, is aiming for a 6% target return.
Gianroberto Costa, president of the Enasarco Foundation, said: “Initiatives like this are a mix of benefits where the profitability requirements for investors are combined with those of the national interest.”
The assets, in Milan, Florence, Rome, Pisa and Modena, were sold by Italian book retailer Feltrinelli.
Feltrinelli recently selected Coima SGR as real estate partner for the management of the headquarters of the Giangiacomo Feltrinelli Foundation. The Feltrinelli Porta Volta fund was created for the investment.
During the last 12 months, Coima said it had raised around €1bn from Italian and international institutional investors.