Italian doctors help Coima fund toward €600m end-year target
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Developer and asset manager Coima has won investment from Italy’s national insurance and assistance body for doctors, the ENPAM Foundation, as well other primary institutional investors. It has now raised €521 million for the COIMA ESG City Impact Fund (CECI).
So far, the fund has an investment pipeline exceeding €1 billion, with total investments completed exceeding €1.5 billion using a 1.5x equity multiple. COIMA is aiming to raise more than €600 million by the end of 2022.It is targeting over €4 billion in investment during its 20-year life.
ENPAM Foundation joins investors Cassa Forense, Cassa Dottori Accountisti, Inarcassa, BCC Credito Cooperativo, Cariparo Foundation, Compagnia di San Paolo and Coima SGR itself.
The ESG City Impact Fund was established in 2020 to have a positive social and environmental impact, particulary through the sustainable reuse of existing buildings and urban regeneration.
“Exceeding €500 million in capital committed by primary national institutional investors is an important milestone for the Coima ESG City Impact Fund,” said said Coima founder and CEO Manfredi Catella. “This will ensure the fund can deliver on its mission of generating positive social and environmental impact through the sustainable reuse of buildings and urban regeneration, helping accelerate the transition of Italian cities to a low carbon economy.”
During the first 24 months of its life, the fund invested both in building reuse projects and in urban regeneration projects, including the regeneration of the Porta Romana Railway Yard in Milan, which will include the 2026 Winter Olympics Village; a portfolio of five properties in the centre of Milan belonging to the Odissea Fund, part of the former UBI Banca portfolio acquired by COIMA SGR in 2020, that will be redeveloped;a property located in via Ripamonti 42, in the area of Porta Romana Railway Yard in Milan.
