Italian fund manager Coima SGR has acquired a portfolio of five retail properties located throughout Italy for a total of €50 mln.
The assets, covering some 6,000 m2, are located in Milan, Florence, Rome, Pisa and Modena and are all leased to Italian bookseller Librerie Feltrinelli.
The deal has been struck on behalf of Coima's Core I Fund, focusing on income-generating assets with a target return in excess of 6%. With this deal, the fund reaches a total value of over €300 mln. It includes trophy buildings such as Palazzo Aporti in Milan, the Walt Disney headquarters and Palazzo Siri in Via del Corso, Rome.
The sale follows the launch of a partnership between Coima and Feltrinelli Group to implement and manage its new Viale Pasubio premises and establish a dedicated real estate fund, Feltrinelli Porta Volta.
'We are proud of this operation, which consolidates the relationship of trust with the Feltrinelli family confirming a virtuous process of exploitation in cooperation between entrepreneurs and Italian institutional investors,' commented Manfredi Catella, founder and CEO of Coima.
Over the last 12 months, Coima has raise around €1 bn from Italian and international institutional investors, as well as executing deals for some €1.1 bn of property and financing of around €2 bn.
Coima was supported by Studio Legale Grimaldi in the transaction, while DLA Piper advised Feltrinelli Group.
UBI Bank provided financing.
