Italian doctors’ pension fund Enpam has become the latest institutional investor to back COIMA SGR’s urban regeneration fund.
Pan-European developer and asset manager Coima SGR said it has now raised €521m for COIMA ESG City Impact Fund (CECI), after attracting investment from Enpam and a “range of other primary institutional investors”.
As previously reported, the fund also received commitments from cornerstone investors, including lawyers pension fund Cassa Forense, the Inarcassa, the pension fund for architects and Cassa Commercialisti, a pension fund for chartered accountants.
CECI, created in 2020, is expected to raise more than €600m by the end of 2022, continuing towards a target of over €1bn, the manager said.
With a 20-year life span, the evergreen fund will acquire regeneration opportunities across Italy, using a develop-to-core strategy to deliver projects across a range of sectors, including residential and hospitality.
So far, the fund has an investment pipeline of over €1bn, with the total investments completed exceeding €1.5bn, the manager said, adding that the fund is targeting more than €4bn in investment over its 20-year life.
Manfredi Catella, founder and CEO of Coima, said exceeding €500m in capital committed by primary national institutional investors is an important milestone for the COIMA ESG City Impact Fund.
“This will ensure the fund can deliver on its mission of generating positive social and environmental impact through the sustainable reuse of buildings and urban regeneration, helping accelerate the transition of Italian cities to a low-carbon economy.
“Over the first two years of the fund, we have been able to amplify its investments by over €1bn with a multiplier of five times compared to its committed capital, and over the next 12 months we expect to undertake investments of over €2bn.”
The fund’s investments so far include the regeneration of the Porta Romana Railway Yard in Milan in partnership with Covivio and Prada Holding. CECI has also invested in a portfolio of five properties in Milan belonging to the Odissea Fund and a property located in via Ripamonti 42.
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