Italian investment company COIMA, with backing from a sovereign wealth fund, has acquired a €140m office redevelopment project in Milan.

Coima’s latest unlisted opportunity fund has taken a 64% stake in the project, while its listed subsidiary Coima RES will own the remaining 36%.

The project in Milan’s Porta Nuova area includes a “core-plus” 5,200sqm building and a “value-add” 14,400sqm office tower.

The Coima Opportunity Fund II, a development fund backed by an unnamed sovereign wealth fund, will co-invest with a mix of equity and debt alongside Coima RES, a real estate investment trust (REIT) that listed on Milan stock exchange this year.

Coima SGR, which was created following the sale of Hines’ Italian fund management subsidiary 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’s first new REIT (or SIIQ), earlier this year.

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