Italy's Banco Popolare picks Coima, Hines for value-add strategy

Italian lender Banco Popolare has selected fund manager Hines Italia Sgr and servicer Coima to carry out a value-add asset management strategy on its non-core real estate portfolio believed to be valued at €1.5 bn.

Under the agreement, Banco Popolare, Coima and Hines are to set up a new platform for the management of a 60-property strong portfolio with the aim to find domestic and international investment partners willing to participate in the value-creation business plan.

Hines Italia in particular will assist Coima with capital market operations and the possible creation of special vehicles to hold the assets.

'The agreement with Banco Popolare represents an innovative pilot project, that demonstrates that the banking sector is now ready to deal with property value-creation management from a business perspective, in partnership with qualified partners,' commented Manfredi Catella, CEO of Hines.

He added: 'The creation of a specialised platform that may facilitate the relationship between the market and the banking sector represents an important strategic objective of the partnership we are building.'