COIMA SGR’s second opportunity fund has paid €130m for Telecom Italia’s former headquarters in the Porta Nuova district in Milan, IPE Real Assets understands.
The Italian fund manager said its Coima Opportunity Fund II vehicle has bought the 35,000sqm building at Via Pirelli 35 from Deka Immobilien Europa for an undisclosed sum.
Coima said the building, which was vacated by Telecom at the end of 2018, will be subject to a requalification plan to be integrated within the broader urban regeneration program for the entire Porta Nuova district.
The latest investment follows Coima’s purchase in 2012 from Deka-Immobilien Europa of the Gioiaotto building, also in the Porta Nuova district.
Currently, Coima is regenerating four new sites in the Porta Nuova district, totalling over 200,000sqm with total investments of over €1bn, in addition to the over €2bn of investments already completed and operated by Cioma in the same district.
The manager’s COFII fund recently raised €650m. Including leverage, the fund has €1.5bn capital to invest.