Italian fund manager Coima has partnered with real estate investment trust Covivio and Prada Holding to acquire the Porta Romana railway yard in Milan for €180m.
The acquisition is being made via Porta Romana, a property fund managed by Coima and backed by Covivio, Prada and the urban regeneration environmental, social and governance fund Coima ESG City Impact.
In a joint statement, the trio said they have been awarded the tender by FS Sistemi Urbani and Rete Ferroviaria Italiana for the acquisition of the 190,000sqm site which will be home to the Olympic Village for the athletes of the 2026 Winter Olympics.
Coima, which already has a presence in the Porta Romana railway yard area, said it will develop the subsidised residential component and the Olympic Village, which will be transformed into approximately 1,000 beds of student housing at the end of the games.
Covivio will develop office functions and services and Prada will build a building for laboratory and office.
Manfredi Catella, founder and CEO of Coima, said: “Our investment strategy is based on urban regeneration on a neighbourhood scale, where we believe the best results can be achieved through integrating infrastructure, environment and community.
“The experience gained in the redevelopment and management of the Porta Nuova railway yard, now together with the Porta Romana project, is grafted onto the development of the future of cities in an era of innovation and extraordinary transformation.”
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