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.