COIMA SGR has reached an agreement with leading Italian and international institutional investors for the acquisition of a portfolio consisting of eleven properties located in Rome and Milan, for over €300m.
The properties, totalling approximately 75,000m², were previously part of a larger real estate portfolio of the Enpam Foundation - National Insurance and Assistance Body for Doctors and Dentists. Last year, ENPAM, as part of the general reorganization of its assets, conducted a competitive process resulting in the sale of a portfolio of properties to funds managed by Apollo Global Management. Apollo subsequently entered into an agreement for COIMA SGR to acquire approximately one-third of the total awarded portfolio.
The newly established Porta Nuova Liberazione fund, fully subscribed by primary institutional investors, has acquired a part of the portfolio consisting of an entire block made up of mixed-use properties (offices 56%, residential 30%, hotel 9%, car park 5%) in the Milanese district of Porta Nuova, in particular in the quadrilateral between via Viviani, via Bordoni, via Adda and via Cornalia, adjacent to the urban regeneration program of Porta Nuova Gioia promoted by COIMA. The strategy envisages a progressive program of redevelopment and enhancement of the neighbourhood with a long-term investment perspective. The redevelopment project will focus on sustainability issues, both for the rented residence part with energy improvement projects and for the office part with the following objectives:
- LEED® C&S certification in the design and construction phase
- WELL® C&S certification of the properties
- zero "fossil fuel" buildings
- energy coverage from renewable sources> 60% of annual needs
- "A" energy performance certificate and "nZEB"
- classification “Carbon value at Risk” degli immobili <0%
The newly acquired properties will be integrated into the Porta Nuova Gioia urban regeneration program where COIMA is developing seven projects including Pirelli 32, a property recently acquired by a managed fund for a total of over 300,000m² and a fully operational value of over €1bn by Generali Real Estate SpA SGR. COIMA has started a collaboration with the Municipality of Milan for the realization of coordinated urbanization works in the area delimited by via Gioia, della Liberazione, Cardano, Bordoni and along via Sassetti and Pirelli with the aim of expand the pedestrian and green areas of the Porta Nuova district.
The second portion of the portfolio was taken over by another fund managed by COIMA, invested by leading national investors. This acquisition concerns a property located in via Ripamonti, in the area of the Scalo di Porta Romana in Milan, known for having been the headquarters of the Superintendency of Studies, which will be completely renovated to bring it into line with the highest international standards for office buildings. In Porta Romana, COIMA is participating together with Covivio and Prada Holding in the urban regeneration operation of the former railway yard which covers an area of approximately 190,000m².
The last part of the portfolio, consisting of two office properties located in the Central Business District of Rome, as well as two properties mainly offices and a hotel in Milan (offices 83%, residential 3%, retail 1%, hotel 13%), was acquired by the newly formed COIMA Thalia Fund, fully subscribed by the Apollo funds. The fund becomes operational with the closing of this operation with an initial value of €60m and a target of over €80m.
