Coima expands its footprint in Milan with new acquisition
Coima is expanding its footprint in Milan’s Porta Nuova district. The Italian real estate investor, developer and manager has won the public tender for the sale of the Largo De Benedetti complex, which it plans to redevelop and integrate with its adjacent Porta Nuova neighbourhood.
Coima is to pay €30.5 million to the Municipality of Milan for the site and will then proceed with a €100 million redevelopment and regeneration plan through the Coima ESG City Impact Fund, the largest discretionary urban regeneration investment fund raised in Italy, which is seeking to attract over €1 billion in investment.
“This successful public tender with the Municipality of Milan underlines the importance of our commitment to sustainable urban regeneration and investment,” said Gabriele Bonfiglioli, chief investment officer, Coima. “Through the Coima ESG City Impact fund we will undertake a sensitive and sustainable urban redevelopment with a total value of more than €100 million largely on the land occupied by obsolete buildings, minimising the footprint and impact of the new development.”
The site comprises two building complexes: one portion, located in Via Messina 53, includes a built-up area with a surface of 3,132 sq m for artisanal use, while the other portion in Largo De Benedetti 1 includes two buildings, totalling 3,129 sq m, occupied by municipal offices which will be vacated by the end of the year.
In accordance with the provisions of the call for tenders issued by the Municipality of Milan, the area in Via Messina 53 will be reserved for private services of public interest, such as student housing at low rents agreed with the local authority. The offices in Largo De Benedetti will be developed into a new 6,261 sq m building.
The Municipality of Milan and Coima have signed an agreement for the redevelopment of public and pedestrian areas around the site to harmonise the public realm across the neighbourhood, encouraging pedestrian movement by eliminating barriers and creating continuous paths.
The Largo De Benedetti complex is part of the Porta Nuova Gioia urban regeneration project masterplan. This includes the developments of Gioia 22, I Portali, Pirelli 32, Pirelli 35, and Pirelli 39, comprising around 270,000 sq m, more than doubling the first phase of the Porta Nuova development.
Gioia 22 is the new headquarters of Isybank and is the first skyscraper in Italy to qualify as a Nearly Zero Energy Consumption Building (nZEB). I Portali is to be the headquarters of KPMG in Italy. On an adjacent site will be Torre Botanica, the new project by Stefano Boeri Architetti, who designed the iconic Vertical Forest building in Porta Nuova.
