Coima has won the public tender for a key regeneration site next to its large-scale Porta Nuova development in Milan.

Coima is to pay €30.5m for the site and plans to bring forward a €100m redevelopment through the Coima ESG City Impact Fund, with the new development integrated into the wider Porta Nuova urban regeneration project.

The site comprises a range of property complexes located at Largo De Benedetti 1 and ViaMessina 53, respectively. Coima plans to invest more than €100m redeveloping the site and integrating it with the surrounding Porta Nuova neighbourhood.

The portion located in Via Messina 53 includes a built-up area with a land surface of 3,132sqm for production and artisanal use and will be reserved for private services of public interest, such as student halls, while the building complex in Largo De Benedetti 1 consists of two buildings totalling 3,129sqm, occupied by municipal offices that will be vacated by 2023.

The Municipality of Milan and Coima have signed an agreement for the redevelopment of public and pedestrian areas around the site to blend in with the public realm across the neighbourhood, encouraging pedestrian movement by eliminating barriers and ensuring the continuity of paths.

The Coima ESG City Impact Fund reached a first close in 2022 with more than €500m in investment before reopening in 2023 with the aim of attracting over €1bn. The fund has attracted institutional investors including Cassa Forense, Fondazione ENPAM, Cassa Dottori Commercialisti, Inarcassa, BCC Credito Cooperativo, Fondazione Cariparo, and Compagnia di San Paolo.

Gabriele Bonfiglioli, chief investment officer at Coima, said: “This successful public tender with the Municipality of Milan underlines the importance of our commitment to sustainable urban regeneration and investment. Through the Coima ESG City Impact Fund, we will undertake a sensitive and sustainable urban redevelopment with a total value of more than €100m largely on the land occupied by obsolete buildings, minimising the footprint and impact of the new development.”

To read the latest edition of the latest IPE Real Assets magazine click here.