Coima acquires €200m office portfolio in the heart of Rome

Milan-based Coima is strengthening its presence in Italy’s capital with the acquisition of a €200 million portfolio of three period commercial properties in Rome’s historic centre, including the building that houses the Italian prime minister’s office.

Palazzo Monte della Pieta’ in Rome, one of the three assets acquired by Coima

“Coima will improve the sustainability performance of these important and historic buildings in the heart of Rome to ensure they remain fit for the future,” said Gabriele Bonfiglioli, chief investment officer, Coima. “Rome is a strategically important market for Coima and a city with great potential for urban redevelopment projects focusing on driving positive social and environmental impact.”

The three trophy buildings, which have a total value of more than €200 million and comprise circa 45,000 sq m are located in the heart of Rome’s historical centre. They include Palazzo Verospi and Galleria Sciarra, both in the Via Del Corso area, which house the Presidency of the Council of Ministers’ offices – the administrative structure which supports the Prime Minister of Italy – and the Italian National Anti-Corruption Authority (Autorità Nazionale Anti Corruzione), respectively. The third asset is Palazzo Monte, in the Campo de’ Fiori area, which houses the Council of State.

The three assets form the Sapphire portfolio, an alternative real estate investment fund reserved for qualified investors. Under the terms of the acquisition, Coima becomes the manager and main investor in the fund, having acquired shares previously held by Zurich and Morgan Stanley.

Galleria Sciarra in Rome, another period asset acquired by Coima

Coima will implement an asset management strategy aimed at improving the energy efficiency of the buildings and reducing their carbon footprint, with the interventions targeted at securing BREEAM certifications for the historic buildings.

To underline its commitment to an ESG-led approach, Coima will also seek classification of the Sapphire Fund under Article 8 of the European Sustainable Finance Disclosure Regulations (SFDR).

The acquisition was made through Coima’s Core Fund I and Core Fund II, which are backed by leading Italian institutional investors and focus on the acquisition and management of income-producing properties in major Italian cities.

The transaction was supported by the issuance of a green loan by a pool of banking institutions consisting of Credit Agricole and BPER (as joint sustainability coordinators) and ING.