Hines sells Italian real estate arm to management

Hines has sold its Italian development and fund management firm, Hines Italy SGR, to its management.

Manfredi Catella, head of the Italian investment management firm, has taken a controlling stake in the subsidiary, which has been rebranded as COIMA.

The acquisition is part of a three-year plan to allow COIMA to enter the market as an independent platform.

After receiving authorisation from the Bank of Italy last month, Catella took a controlling majority stake in Hines Italy SGR, of which he already owned 28.87%.

Hines retains a minority stake and a place on the company’s board of directors.

Micheli e Associati, partner of Catella, will keep its ownership at 8%, while equity participation will be opened to management. 

Catella, who becomes honorary president and chief executive at COIMA, said: “The timing and conditions in Italy are right to steward and expand our best-in-class domestic investment and asset management business.”

The company, founded in 2007, currently manages €5bn in assets.

Funds managed by Hines outside Italy will continue to retain ownership of their Italian assets.

Hines’s Milan mixed-use project, Porta Nuova, was sold to Qatari Holding this year.