Italian asset manager Coima said on Tuesday that it has launched the largest discretionary real estate investment fund ever closed in Italy after raising €650 mln of capital for its second Opportunity Fund.
Coima Sgr, a Milan-based independent asset manager, said that the fund raising gives the vehicle an investment capacity of over €1.5 bn, including leverage.
The development fund, which is aimed at institutional investors and focuses on development and retrofitting projects in Italy, has already deployed around 30% of its investment capacity, and is currently evaluating a pipeline of opportunities of over €1 bn.
The fund's portfolio currently includes two sites in Milan's Porta Nuova district, the former Unilever headquarters and two assets at Via Melchiorre Gioia, for a total of 100,000 m2.
'Together with our institutional partners, we are committed to focus on investments that can foster sustainable development with a positive impact on the economy and on
local communities,' said Manfredi Catella, founder and CEO of Coima Sgr.
Coima first announced at the end of 2016 that the fund had reached a first close, securing an unnamed sovereign fund as cornerstone investor. Currently, around 90% of the fund's subscriptions have been placed with Asian and Northern American investors, while Italian institutional investors including Coima Sgr itself account for the balance.
The cornerstone investors as well as Coima Res, an Italian REIT launched by the Coima group, 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.
Coima Opportunity Fund I is currently fully invested, and delivered an internal rate of return (IRR) for investors of over 12%.
