CONSOB, Italy’s market authority, has approved COIMA RES’s listing on the Milan stock exchange.

The vehicle, launched by Manfredi Catella, is the first Italian REIT to emerge without conversion.

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

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

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

Coima RES will use the proceeds from the IPO to buy the Vodafone Village office portfolio in Milan, reportedly worth around €200m.

It was first established to become an SIIQ in June last year, after winning approval from CONSOB.

So far, the country’s nascent REIT – or SIIQ (Società di Investimento Immobiliare Quotata) – regime has been taken up by existing property companies such as Aedes, Beni Stabili and Immobiliare Grande Distribuzione.