Italian institutional asset manager Coima has acquired a portfolio consisting of eleven properties located in Rome and Milan, for over €300 mln.
The properties, totalling approximately 75,000 m2, were previously part of a larger real estate portfolio of the Enpam Foundation - National Insurance and Assistance Body for Doctors and Dentists.
Last year, Enpam, as part of the general reorganisation of its assets, conducted a competitive process resulting in the sale of a portfolio of properties to funds managed by Apollo Global Management.
Apollo subsequently entered into agreement for Coima to acquire approximately one-third of the total awarded portfolio.
The transaction was finalised through investment vehicles managed by Coima on behalf of leading long-term Italian institutional investors.
Managing funds
One of these funds is the newly established Porta Nuova Liberazione fund, which has acquired a part of the portfolio consisting of an entire block made up of mixed-use properties (offices 56%, residential 30%, hotel 9%, car park 5%) in the Milanese district of Porta Nuova.
The assets are mostly situated in the quadrilateral between via Viviani, via Bordoni, via Adda and via Cornalia, adjacent to the urban regeneration programme of Porta Nuova Gioia developed by Coima.
A subsequent redevelopment project will focus on sustainability issues, both for the rented residential part with energy improvements planned, and for the office part with various certifications sought.
A second portion of the portfolio, a property located in via Ripamonti, in the Scalo di Porta Romana area in Milan, has been taken over by another fund managed by Coima. The office will be fully refurbished.
The final part of the portfolio, consisting of two office properties located in Rome's central business district plus mainly offices and a hotel in Milan (offices 83%, residential 3%, retail 1%, hotel 13%), has been acquired by the newly formed Coima Thalia Fund, fully subscribed by Apollo funds.
The fund becomes operational with the closing of this operation with an initial value of €60 mln and a target of over €80 mln.
The properties of the fund, covering approximately 36,000 m2, will be subject to a redevelopment that will lead to a significant energy improvement.
The entire portfolio acquisition was funded by Goldman Sachs Bank Europe SE, with Trimont Real Estate Advisors as an agent bank, and by Natixis, with Société Générale as an agent bank.
Coima was advised by law firms Gianni & Origoni and Chiomenti and by Allen & Overy for the financing. Maisto and Associates advised on the tax aspects and BIP and REAAS for the due diligence.
