Coima to invest €1bn in logistics with new real estate fund

Italian real estate fund manager Coima has launched a logistics fund and plans to invest €1bn in the sector this year.

Coima Logistics Fund II has been seeded with €400m of operational properties and a further €400m pipeline worth of projects, encompassing more than 800,000sqm of space.

The launch comes nine years after Coima launched its first logistics fund, which Coima said invested €100m and generated an internal rate of return of 18%.

More than €400m worth of acquisitions were recently made for the fund, including a 1.1m sqft asset in south-east Milan let to third-party logistics and e-commerce operators, and a 172,000sqft complex in Liscate, on the outskirts of Milan, let to a logistics operator in the pharmaceuticals and cosmetics sector.

The fund also bought a fully-let complex of 11 properties in Triveneto, covering a rentable area of about 1.9m sqft (175,000 sqm) and including 15 solar-panel plants with an installed capacity of approximately 12MW.

A 538,000sqft property adjacent to the park in Triveneto and let to a manufacturer of homecare products was also acquired as part of the transaction.

Coima also purchased two properties covering a total gross area of 1.5m sqft in Bologna and Piacenza, let to e-commerce tenants, including Amazon and YOOX Net-a-Porter Group.

The development portfolio is in northern Italy, leased to logistics operators with LEED and BREEAM environmental certifications.

Manfredi Catella, founder and CEO of Coima, said: “Coima began investing in the logistics sector in 2010, in partnership with specialist operator 2K, and today we continue to see huge potential in the sector for further growth.

“After the success of the first Coima Logistics Fund, we are now pushing forward with a second wave of investment, continuing to target logistics assets that are fully aligned with the highest standards of sustainability and deliver what contemporary occupiers need.

“Our investments acceleration programme will enable us to strengthen our knowledge and expertise within the industrial sector in product and management, integrating the sustainable finance disclosure regulation requirements to which Coima adhered by the deadline of March 2021 set by the European Union.”