Italian real estate fund manager COIMA SGR has bought a €60m retail building in Piazza XXV Aprile in Milan from Eataly Real Estate in a sale and leaseback deal.
The acquisition of the 55,000sqft – which expands Coima’s Porta Nuova high street retail offering – was made on behalf of Coima Core Fund I, a fund established in December 2011 backed by Italian institutional investors including pension funds Fondazione Enasarco and Enpam.
To fund the deal, €34m was provided by lending banks for the fund.
Manfredi Catella, founder and CEO of Coima SGR, said: “This investment will be transformational for Porta Nuova’s retail and hospitality offering, which will benefit from an increase in footfall from 10 million to over 15 million by 2025.
“By working with Eataly, a world-famous Italian company, we are staying true to Porta Nuova’s Italian roots, whilst at the same time creating a global attraction.”
Coima has signed a 21-year lease agreement with Eataly for the retail spaces of the building.
Luca Baffigo Filangieri, Eataly Real Estate Advisor, said: “Passing ownership of this building on to COIMA confirms Eataly Real Estate’s continued strategy with a view to redevelopment and relaunch.
“With this deal, the building where Eataly Milano is located fully becomes part of the innovative urban transformation of the neighbourhood of Porta Nuova which represents one of the most interesting areas in Milan.”
To read the latest edition of the latest IPE Real Assets magazine click here.