Italian real estate manager Coima has acquired the Sapphire portfolio of three commercial properties in Rome for €200m.
The acquired assets comprise the Palazzo Verospi and Galleria Sciarra, which house the Presidency of the Council of Ministers’ offices, and the Palazzo Monte, in the Campo de’ Fiori area, which houses the Council of State.
Coima said it made the acquisition on behalf of its Core Fund I and Core Fund II, which are backed by Italian institutional investors and focus on the ”acquisition and management of income-producing properties in major Italian cities”.
As a result of the acquisition, Coima has become the manager and main investor in the Sapphire fund, having previously acquired shares held by Zurich and Morgan Stanley.
Coima said it will implement a new asset management strategy focused on improving the energy efficiency of the historic buildings and reducing their carbon footprint.
The acquisition was financed through a green loan provided by a consortium of banks. Credit Agricole and BPER acted as joint sustainability coordinators, while ING also participated in the loan.
Gabriele Bonfiglioli, Coima’s CIO, said: “Coima is honoured to take on the management of these important and historic buildings in the heart of Rome, with the aim of improving their sustainability performance and ensuring they remain fit for the future.
”Rome is a strategically important market for Coima and a city with great potential for urban redevelopment projects focusing on driving positive social and environmental impact.”
To read the latest IPE Real Assets magazine click here.
