Italian real estate manager Coima has acquired an office building in Rome that is being transformed into a residential asset.
The acquisition of the building located on Via Carcani represents Coima Opportunity Fund III’s (COF III) first transaction, with the value-add fund investing around €50m to convert the Via Carcani building into apartments.
The nine-storey asset in the Trastevere district of Rome is currently leased to the Ministry of Universities and Research. COF III, Coima’s third opportunistic fund, expects to raise €500m for its second closing, intending to achieve over €1bn in total investment value via co-investments and financing.
COF III is currently being presented to institutional investors in Asia, the Middle East, Europe, North America and Italy.
Gabriele Bonfiglioli, chief investment officer at Coima, said the completion of the first transaction of COF III is an important milestone as the manager executes its strategy focused on “decarbonising real estate through building reuse to align it with the requirements of the energy transition”.
Bonfiglioli said: “COF III is progressing towards its second closing with a €500m target and an investment capacity of over €1bn. Over the past 12 months, we have invested more than €500m in Rome, mainly focused on enhancing existing buildings and particularly office-to-residential conversions. We have a target investment of over €1bn in the city over the next 24 months.
“ESG drivers remain central to Coima’s investment strategy for the next three years and we have decided to dedicate all new investment funds to financing, supporting, and enabling the transformation of urban areas and buildings from brown to green, in sectors such as residential, tourism, and other strategic areas. These funds will all be classified under Articles 8 and 9 of the European SFDR sustainability framework, with a total investment target of up to €2bn.”
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