COIMA SGR, which now seeks to invest over €2bn in Italian cities, has backed a 22,000sqm urban regeneration project in Milan to raise more than €160m.
The asset manager said the Corso Como project is being financed through the Porta Nuova Bonnet real estate fund, whose investors are the listed real estate company Coima RES and the €500m Italian opportunity fund Coima Opportunity Fund II.
Coima SGR will operate as investment and asset manager and Coima SRL as development manager. Gruppo BancoBPM financed the transaction. The overall investment totals over €160m
The Corso Como project will renovate an entire city block between Via Tocqueville and Via Bonnet in Milan.
The project includes the regeneration of the existing tower and the construction of a new building of over 4,000sqm which will host retail and service businesses, as well as the requalification of the surrounding pedestrian areas.
The latest investment by Coima SGR follows a previous investment it made in July with the acquisition of two sites in Milan for €78.9m as part of a €700m urban regeneration project investment in the Porta Nuova neighbourhood.
In February, Coima SGR said that it intends to invest €1.5bn in Italian real estate after major institutional investors committed to its second opportunity fund.
Manfredi Catella, founder and CEO of Coima SGR, said: “After having contributed towards Milan’s competitiveness with the completion of the Porta Nuova project, Coima has now posed the objective of investing over €2bn in Italian cities, in regeneration projects which may constitute examples of excellence at the worldwide level in innovation and sustainability on the territory.
“The requalification of the urban block Corso Como Place will introduce the very first WELL certified building and will allow for pedestrian connections linking Piazza Gae Aulenti, Corso Como and Fondazione Feltrinelli.”
Pierfrancesco Maran, an assessor of urban planning for parks and agriculture of the City of Milan, said: “It is a project that provides continuity with the new skyline of the Garibaldi‐Repubblica‐Stazione Centrale axis and will bring with it interventions on the territory for the benefit of all city residents.
“The characteristics of this project, from an energy and technology standpoint, constitute a key element in that we expect close attention to sustainability from new projects.”