COIMA SGR – Italian independent property company specialised in investing in commercial properties on behalf of Italian and international institutional investors – took over, from Feltrinelli Group on behalf of Core I Fund, a prime high-street retail portfolio consisting of 5 commercial properties located in the main shopping locations in Milan, Florence, Rome, Pisa and Modena, for a total value of about €50m and a total surface area of 6,000m².
The commercial property in Milan is located in Corso Buenos Aires, main mass retail destination of the city, while the commercial property in Florence is located in Piazza della Repubblica, at the heart of the historic centre of the Tuscan town. The properties are leased to Librerie Feltrinelli with long-term contracts.
The Core I Fund – participated by leading pension investors including Fondazione Enasarco and other Italian institutional investors – is dedicated to a first-income investments with a long-term approach and a more than 6% target return.
The portfolio has a total value over €300m and includes trophy assets such as Palazzo Aporti in Milan, headquarter of State Street and Walt Disney and Palazzo Siri in Via del Corso, Rome.
This follows the agreement with the Feltrinelli Group, which selected COIMA SGR as real estate partner for the implementation and management of new real estate settlement in Viale Pasubio, where are hosted the headquarters of the Giangiacomo Feltrinelli Foundation and Microsoft Italy offices, with the establishment of a dedicated real estate fund, Feltrinelli Porta Volta.
Manfredi Catella, Founder and CEO of COIMA SGR said, "We are proud of this operation, which consolidates the relationship of trust with the Feltrinelli family confirming a virtuous process of exploitation in cooperation between entrepreneurs and Italian institutional investors."
Roberto Rivellino, CEO of Feltrinelli Group said,"We are very pleased with this transaction – that is added to that of 2015 due to FeltrinelliPortaVolta Fund and identified COIMA SGR as the ideal partner to develop a concrete garrison and knowledgeable on our real estate activities. This allows us to work better on our strategic plan and to focus on our core activities in publishing and retail."
Gianroberto Costa, President of the Enasarco Foundation commented: "We are more than pleased with this agreement. Never as in this case come together more reasons of interest and advantage for the Enasarco Foundation, for the country, for a great Italian cultural enterprise. Initiatives like this are a mix of benefits where the profitability requirements for investors are combined with those of the national interest in a rational system positive sum for all."
During the last 12 months, COIMA showed a significant growth, collecting approximately €1bn from Italian and international institutional investors (more than 100 overall, of which 60% are international investors, with four primary SWF); it also executed acquisitions for approximately €1.1bn and financing for approximately €2bn.
During this transaction, COIMA SGR was supported by Studio Legale Grimaldi and Feltrinelli Group by DLA Piper for all contractual aspects, and UBI Banca was the bank for the financing.
