Italian real estate fund manager Coima SGR has recorded returns of over 28% for its Coima Argo Fund following the sale of the core-plus fund’s final asset.

Coima SGR said the closed-ended fund has now finalised the sale of Palazzo Litta Modignani, located at Corso Europa 16, to IBL Real Estate, IBL Banca Banking Group’s real estate investment arm.

DILS assisted Coima as an advisor in the sale of the office asset in Milan’s central business district.

The property was built in the 15th century as a residence for nobility. 

Late last year, the Coima Argo Fund also sold the Corso Europa 20 asset to Savills Investment Management.

The manager said the fund – created in 2020 – has exceeded its 6% target to deliver a total internal rate of return (IRR) of over 28% and 1.5x equity multiple.

Manfredi Catella, CEO of Coima SGR, said the Argo Fund continues the Coima’s team solid performance legacy, achieved through disciplined and selective investment management.

“We are pleased to complete the fund management lifecycle with a performance of over 28% IRR and 1.5x equity multiple equity multiple, well above target.”

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