Coima to develop new tower in central Milan

Italian asset manager Coima Sgr has announced the acquisition of a tower development project at via Melchiorre Gioia in central Milan from Fondi Immobili Pubblici (FIP), a government fund managed by Investire Immobiliare Sgr, part of Banca Finnat Euramerica.

The asset, formerly the head office of the public pension fund INPS, was bought on behalf of Coima's Porta Nuova Gioia Fund. Financial details were not disclosed.

Built in the early 1960s, the scheme has not been in use since 2012 and features eighteen floors above ground and three basement levels spanning a total surface of 40,000 m2.

Coima plans to fully reposition the property by demolishing it and developing a new tower to be designed by architects Pelli Clarke Pelli.

'This exciting project demonstrates that funds backed by institutional investors are ready to invest in economic development operations capable of favouring urban regeneration and redevelopment. The design, to be developed together with Pelli Clark Pelli Architects, will focus on extending the Porta Nuova district, with the launch of the fourth fase project, after Porta Nuova Garibaldi, Porta Nuova Varesine and Porta Nuova Isola, to be known as Porta Nuova Gioia,' said Manfredi Catella, founder & CEO of Coima SGR.

The buyer was assisted by Chiomenti Studio Legale and Freshfields Bruckhaus Deringer for the legal aspects of the operation and by Maisto and Associates regarding tax aspects. Studio Bardelli and Studio Torrani provided administrative assistance and Arcadis and Coima technical support.

Erre Legal advised the vendor on legal and fiscal aspects.

The transaction follows Coima's acquisition last month of four buildings in Milan for €100 mln, on behalf of a closed-end real estate fund invested by the Cassa di Risparmio di Lucca Foundation.

The deals, which were financed by Credit Agricole Corporate and Investment Banking, involved the UBS headquarters at the central Via Crespi, two newly built retail boxes in Segrate leased to Maison Du Monde and Decathlon, and a 12,000 m2 office scheme let to Pierre Fabre, Continental and Sephora.