COIMA SGR (COIMA) has acquired three prestigious commercial properties in the historic centre of Rome, including the building that houses the Italian prime minister’s office.
The three trophy buildings, which have a total value of more than €200m and comprise c. 45,000m2 are located in the heart of Rome's historical centre. They include Palazzo Verospi and Galleria Sciarra, both in the Via Del Corso area, which houses the Presidency of the Council of Ministers' offices – the administrative structure which supports the Prime Minister of Italy - and the Italian National Anti-Corruption Authority (Autorita Nazionale Anti Corruzione), respectively. The third asset is Palazzo Monte, in the Campo de' Fiori area, which houses the Council of State.
The three assets form the Sapphire portfolio, an alternative real estate investment fund reserved for qualified investors. Under the terms of the acquisition, COIMA becomes the manager and main investor in the fund, having acquired shares previously held by Zurich and Morgan Stanley.
COIMA will implement an asset management strategy aimed at improving the energy efficiency of the buildings and reducing their carbon footprint, with the interventions targeted at securing BREEAM certifications for historic buildings.
COIMA will also seek classification of the Sapphire Fund under Art. 8 of the European Sustainable Finance Disclosure Regulations (SFDR), a framework for funds that promote positive social and environmental outcomes.
The acquisition was made through COIMA’s Core Fund I and Core Fund II, which are backed by leading Italian institutional investors and focus on the acquisition and management of income-producing properties in major Italian cities.
The transaction was supported by the issuance of a green loan - a particular type of loan with financial terms linked to the achievement of pre-determined sustainability targets - by a pool of banking institutions consisting of Credit Agricole and BPER (as joint sustainability coordinators) and ING.
Gabriele Bonfiglioli, COIMA's Chief Investment Officer, commented: “COIMA is honoured to take on the management of these important and historic buildings in the heart of Rome, with the aim of improving their sustainability performance and ensuring they remain fit for the future. Rome is a strategically important market for COIMA and a city with great potential for urban redevelopment projects focusing on driving positive social and environmental impact.”
The deal was supported by law firms Molinari Agostinelli, Giliberti Triscornia Associati, and Gianni & Origoni.
Image provided by SECNewgate.
Europe Real Estate — an overview of real estate developments in European countries.
