The meeting of the unitholders of the Lido di Venezia Fund, managed by COIMA SGR, have approved the plan to revamp the fund's assets, and specifically the Excelsior and Des Bains hotels, for a total of €120m.
COIMA SGR selected London & Regional Properties Group (L+R) as equity investor from among 30 leading institutional investors. L+R will act as principal investor in the fund and will be also responsible for managing the hotels.
L+R’s participation is conditional, inter alia, upon an agreement with the banks participating in the fund to refinance it.
London & Regional Properties Group – an international hotel investment specialist with a portfolio of £9bn (€10.9bn) and nearly 6,000 rooms – focuses on three business areas: hotels in prime locations; real estate development, making long-term investments in development or restructuring projects; and leisure, ie wellness, hospital and health real estate.
After the financial struggles faced by the fund's previous manager, on 30 January 2015 COIMA SGR formally took over the management of the Lido di Venezia – formerly Real Venice I – fund, which includes, among other assets, the Excelsior and Des Bains hotels, Palazzo Marconi, and the Malamocco fort. The unitholders of the fund and the banks participating in it awarded COIMA SGR a fiduciary mandate to restructure the fund and solve its financial problems, ensure the main real estate assets are safe and secure, and identify the business plan and the financial resources required to revamp the Excelsior and Des Bains hotels.
COIMA SGR is assisted by Gianni Origoni Grippo Cappelli & Partners as legal advisor, Maisto & Associati as tax advisor, D’Urso Gatti Pavesi Bianchi as legal tax advisor, Jones Lang Lasalle as hotel advisor, Leonardo & Co. as financial advisor, COIMA as project manager, R&S engineering for the engineering and supervision of construction works, and J&A for the quantity survey.
