Italian asset manager COIMA has launched an initial public offering for an Italian real estate investment trust (REIT).
The Coima RES vehicle will be the first Italian REIT to emerge without conversion.
So far, the country’s nascent REIT, or SIIQ (Società di Investimento Immobiliare Quotata) regime has been taken up by existing property companies, such as Aedes, Beni Stabili and Immobiliare Grande Distribuzione.
Backed by Qatar Investment Authority, Milan-based Coima is looking to raise €330m for the vehicle, listed on the Mercato Telematico Azionario. The firm, founded by former Hines Italy chief executive, Manfredi Catella, is currently roadshowing the REIT in the US and UK. Hines recently sold its interests in its regulated Italian fund management business to Catella.
Qatar Holding is giving the vehicle a portfolio of 96 assets leased to Deutsche Bank as bank branches in return for shares in the REIT.
The sovereign wealth fund took a 40% stake in the largest development in Milan, Hines’ 290,000sqm Porta Nuova scheme, in 2013, buying the remainder last year.
Proceeds from the Coima RES offer, which runs until 1 April, will be used by Coima RES to buy the Vodafone Village office portfolio in Milan, reportedly worth around €200m.
Coima RES was first established to become an SIIQ in June last year, after getting approval from Italian regulator CONSOB.
Conversion to the REIT structure in Italy has been limited since its launch in 2007, with the country’s government modifying the vehicle’s criteria as part of its Unblock Italy reforms package in 2014.
Italian real estate company Sorgente Group last year failed in its attempt to launched a REIT, having postponed the plan in 2014.
The €5bn investor, owner of New York’s Flatiron building, aimed to raise as much as €439m for the vehicle.
Sorgente applied to Borsa Italiana for SIIQ status last year.