Italian fund manager COIMA has launched a €500m opportunity fund with cornerstone investment coming from an unnamed sovereign wealth fund.
Coima Opportunity Fund II has attracted €150m from the investor in a first closing.
Coima SGR, which was created following the sale of Hines’ Italian fund management subsidiary in last year, said it was the fourth sovereign wealth fund the company had worked with.
Qatar’s sovereign wealth fund participated in the listing of Coima Res, Italy first new real estate investment trust (REIT), earlier this year.
The fund, launched by Coima’s institutional fund management arm, follows Opportunity Fund I which is now fully invested.
It is seeking €500m from three to five “leading investors”. With maximum leverage of 60%, it will have more than €1bn to develop and retrofit office, retail, residential and logistics assets in Italy.
The fund will include an advisory committee made up of representatives of the largest investors to assess deals.
The cornerstone investors will have the right to co-invest in the fund, raising its potential investment capacity.
Coima SGR, led by founder and CEO Manfredi Catella, manages more than €5.5bn in real estate assets in 19 investment funds.
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