Coima SGR – a leading independent manager of real estate investment funds on behalf of Italian and international institutional investors – after completing the investments of Coima Opportunity Fund I, has finalised the first closing of COIMA Opportunity Fund II, a new €500m real estate investment fund reserved for institutional investors and dedicated to development and retrofitting projects in Italy.
The first cornerstone investor is a primary sovereign fund that has invested €150m. It is the fourth SWF to team up with Coima SGR for real estate investments in Italy.
Following Consob authorization for international offering, Coima SGR started the placement of the fund to leading domestic and international institutional investors with the target to raise a total of €500m from 3-5 leading investors.
The fund will include an Advisory Committee made up of the representatives of the largest investors. This will act as a steering body, assessing strategic transactions in Italy.
The fund's overall investment capacity, including leverage, will amount to over €1bn.
The main terms of the fund are as follows:
* Specialisation: property development and retrofitting
* Geography: Italy
* Uses: Office, Retail, Residential, Logistics
* Leverage: 60%
* Net return: 10-12% IRR
By launching Coima Opportunity Fund II, Coima SGR consolidates its position within the Italian institutional market, with over €5.5bn in assets under management across 19 real estate investment funds.
Over the last year, Coima SGR has raised a significant amount of capital (over €1bn from Italian and international institutional investors) as well as increased the number of institutional investors (currently over 100, of which 60% international) and of the Group's management (+25%, from 115 to 150 professional).
Manfredi Catella, CEO of Coima SGR, said: “Territory represents a strategic natural asset for Italy that could contribute to foster economic development through an entrepreneurial approach raising the bar of product innovation and repositioning assets in partnership with investors, banks, the government, and public institutions. The set up of Coima Opportunity Fund II, Italy's first development fund together with major global institutional investors, is an important step forward, and we are certain it will contributing promoting retrofitting and development projects in Italian cities.”
Coima SGR was assisted by Gianni, Origoni, Grippo, Cappelli & Partners in setting up the fund.
