25 July, Il Sole 24 Ore
Coima Sgr, the asset management company managing real estate investment funds on behalf of Italian and international institutional investors, has finalised the purchase of two public areas in Porta Nuova, Milan, and the corresponding construction permits from the Municipality of Milan for a total surface of 32,208 Sq m and an investment amounting to 78.9 million euro.
As the memo reads, the company plans to complete the development of two new-generation buildings by 2022, with a total investment of over 270 million euro. If we also include the requalification projects in Via Bonnet (in the former Unilever headquarters) and in di Via Melchiorre Gioia 22 (formerly Inps offices), Coima has launched urban regeneration projects in Porta Nuova for a total value of 700 million.
The acquisition of rights was carried out through a vehicle company 60% owned by the fund Coima Opportunity Fund II and 40% by a primary international institutional fund in the role of co-investor. The fund CofII, which has recently completed to raise funds for over 650 million euro including co-investments, is the biggest discretionary fund dedicated to investments in Italy, with an investment capacity of over 1.5 billion euro including the financial leverage.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi