Italy’s Coima SGR has paid €60 million for a 5,000 sq m retail building in Piazza XXV Aprile, in Milan’s Porta Nuova district.
The building was sold by Eataly Real Estate and Coima subsequently signed a 21-year lease with Eataly SpA for the building’s retail space and the gourmet shopping and dining concept will continue to serve customers in Porta Nuova.
The asset was acquired for the Coima Core Fund I, established in December 2011, which includes Enasarco and ENPAM among its investors.
The acquisition will expand Porta Nuova’s high street retail offering, which runs from Piazza Lina Bo Bardi to Piazza XXV Aprile throughout Piazza Gae Aulenti. Coima said that over the next three years, the number of brands present will almost double to around 90, with the total area of premier retail space growing from 20,000 sq m to 30,000 sq m.
Eataly is now present in 35 locations in Italy and in 15 other countries across the world.
About 35,000 people currently work in the Porta Nuova area, a number expected to increase by more than 20% by 2025 owing to the relocation of company head offices to the neighbourhood.
“This investment will be transformational for Porta Nuova’s retail and hospitality offering, which will benefit from an increase in footfall from 10 million to over 15 million by 2025,” said Manfredi Catella, founder and CEO of Coima SGR. “By working with Eataly, a world-famous Italian company, we are staying true to Porta Nuova’s Italian roots, whilst at the same time creating a global attraction.”
The fund’s current lending banks, Credit Agricole, BNP and Societe Generale, extended their existing agreement and provided €34 million to fund the deal.