Coima Sgr is set to unveil a return of 14.1% for its Porta Nuova Garibaldi fund, which has just secured Morgan Stanley Capital International (MSCI)'s European investment award as the best performing specialised fund in the Italian market.
The competition, which acknowledges the European property funds that have outperformed in their country group over the last three years, found that the Garibaldi fund's returns outclassed an average yield of 5.4% obtained by the 62 funds monitored.
'Over the years, Porta Nuova has progressively built its reputation, supporting Milan in becoming an international example of urban regeneration,' said Coima SGR's founder and CEO Manfredi Catella. 'We are delighted that the prestigious MSCI European Property Investment Awards recognised the Porta Nuova Garibaldi Fund for its outstanding performance. It further proves that the Porta Nuova project is a success both in terms of the quality of its architecture and public spaces as well as a financial investment.'
The Porta Nuova project encompassing over 1 million m2 in Milan has been developed by the three real estate investment funds – Porta Nuova Garibaldi, Porta Nuova Varesine and Porta Nuova Isola, all managed by Coima SGR. Based on the latest reported figures, investors more than doubled their equity investment in the funds over the last four years after receiving a double digit stabilised dividend yield for the commercial component of the investment.
Coima Sgr said that it expects this positive trend to continue, as office rents have increased by 70% since 2010, retail rents by almost 200% and the residential component by 25%.
