Coima RES founder increases shares in Italian REIT

COIMA RES founder and chief executive Manfredi Catella has increased his shares in the vehicle, the first Italian REIT to emerge without conversion.

Launched by Catella in March, Coima RES invests in and manages commercial real estate in Italy.

The overall investment of Manfredi Catella, Coima Srl and COIMA SGR in COIMA RES is now more than €3m.

CONSOB, Italy’s market authority, approved Coima RES’s listing on the Milan stock exchange in May.

The total value of the IPO was around €215m.

Backed by the Qatar Investment Authority, Milan-based Coima was initially looking to raise €330m for the vehicle.

Qatar Holding gave the vehicle a portfolio of 96 assets leased to Deutsche Bank as bank branches, in return for shares in the REIT.

The sovereign wealth fund took a 40% stake in the largest development in Milan, Hines’s 290,000sqm Porta Nuova scheme, in 2013, buying the remainder last year. 

Coima RES was first established to become an SIIQ in June last year.

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