Italian asset manager Coima Sgr said it has invested nearly €79 mln to acquire the right to develop some 32,208 m2 for public use within the Porta Nuova area of Milan from the municipality of Milan.
The transaction was made on behalf of the Coima Opportunity Fund II fund, reserved for institutional investors and devoted to development projects in Italy.
Coima, together with the municipal administration and the Lombardy Region, said that it plans to develop the site 'with the same qualitative standards used in Porta Nuova, with the aim of harmonizing and continuously expanding pedestrian spaces, public facilities and green areas, promoting functional spaces that can animate and integrate this part of town, linking it even more to the center of Milan'.
'The awarding of this area has a strategic value for our team, which is focusing on developing next-generation projects that contribute to the competitiveness of Milan in a European context,' said Manfredi Catella, founder & CEO of Coima Sgr.
The Coima Opportunity Fund II fund, which has recently exceeded €400 mln in funding, is currently the largest development fund in Italy with an investment capacity of over €1 bn, leverage included.
At the end of last year, an important sovereign wealth fund entered as the first cornerstone investor of the vehicle, with an investment of €150 bn. The fund targets a net return of 10-12% and invests 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.
Coima Sgr has over €5.5 bn in assets under management across 20 real estate investment funds.
