Italian fund manager Coima Sgr has finalised the first closing of Coima Opportunity Fund II, a new €500 mln fund aimed at institutional investors that will focus on development and retrofitting projects in Italy.
The first cornerstone investor is an unnamed sovereign fund that has invested €150 mln, Coima said. It is the fourth SWF to back the fund manager for real estate investments in Italy.
Earlier this year, Coima Sgr reportedly teamed up with the government investment funds from Azerbaijan, Abu Dhabi and Qatar to invest a combined €350 mln to buy and redevelop three separate properties in Milan.
Following approval from Italian market watchdog Consob for an international offering, Coima has started placing the second opp fund with domestic and international institutional investors with the aim of raising a total €500 mln from three to five parties.
Including 60% leverage, the fund's overall investment capacity will amount to over €1 bn.
The cornerstone investors will have the right to co-invest in the fund, raising its potential investment capacity. The fund will target a net return of 10-12% and invest across the office, retail, residential and logistics sectors.
In the past year, Coima has raised over €1 bn from Italian and international institutional investors. It has also increased the number of institutional investors - currently over 100, of which 60% international - and expanded the group's management from 115 to 150 professionals.
Following the launch of the latest fund, Coima Sgr has over €5.5 bn in assets under management across 19 real estate investment funds.
‘The set-up of Coima Opportunity Fund II, Italy's first development fund together with major global institutional investors, is an important step forward, and we are certain it will contribute to promoting retrofitting and development projects in Italian cities,’ said Manfredi Catella, CEO of Coima Sgr.
Coima Sgr was assisted in setting up the fund by Gianni, Origoni, Grippo, Cappelli & Partners.
