Coima to pay €300m for portfolio of eleven assets

Asset manager Coima has agreed to pay over €300 million for a portfolio of eleven properties in Rome and Milan, which it is acquiring from Italian and international institutional investors.

The properties, which have a total of 75,000 sq m, were part of a portfolio owned by the Enpam Foundation, which is the national insurance and assistance body for doctors and dentists in Italy. Last year, ENPAM sold a portfolio of properties to funds managed by Apollo Global Management. Apollo subsequently agreed to sell about a third of the portfolio to Coima SGR which has acquired the portfolio on behalf of vehicles owned by long-term Italian institutional investors.

Part of the portfolio (pictured) has been acquired by the newly established Porta Nuova Liberazione fund. It has acquired a mixed-use block of properties – predominantly offices and residential – in Milan’s Porta Nuova district. A progressive program of redevelopment and enhancement of the neighborhood is planned for the holding and the newly acquired properties will be integrated with the Porta Nuova Gioia urban regeneration project where Coima is developing seven buildings.

A second portion of the portfolio, a property in the Scalo di Porta Romana area in Milan, has been acquired by another Coima-managed fund. Coima is already actice in Porta Romana, where with Covivio and Prada Holding it is involved in the urban regeneration of former railway yards.

The third part of the portfolio comprises two office properties located in the Rome’s Central Business District and two properties in Milan. These have been acquired by the newly formed Coima Thalia Fund, fully subscribed by the Apollo funds.