First transaction in Rome for Coima’s new €500 million fund

Coima has completed the first transaction through the Coima Opportunity Fund III (COF III), acquiring a Rome office building for sustainable refurbishment and conversion into residential. COF III, the third opportunistic fund launched by Coima, has a total equity target of €500m for its second closing, with an investment goal of over €1bn through co-investments and financing. The fund is being marketed to institutional investors across Asia, the Middle East, Europe, North America, and Italy.

“The completion of the first transaction of COF III is an important milestone as we execute our strategy focused on decarbonising real estate through building-reuse to align it with the requirements of the energy transition”, said Gabriele Bonfiglioli, Chief Investment Officer, Coima. “COF III is progressing towards its second closing with a €500 million target and an investment capacity of over €1 billion. Over the past 12 months, we have invested more than €500 million in Rome, mainly focused on enhancing existing buildings and particularly office-to-residential conversions. We have a target investment of over €1 billion in the city over the next 24 months.”

Classified under Article 8 of the SFDR Regulation, COF III follows an investment strategy primarily focused on building reuse and energy transition, diversified across different market segments, with a focus on the living sector.

COF III’s first acquisition is a nine-story, free-standing building located on Via Carcani in the Trastevere district of Rome currently leased to the Ministry of Universities and Research. The transaction involves a total investment of circa €50m, aimed at decarbonising the building and converting it into residential apartments.

The project lies within the wider Urban Regeneration Program of the Porta Portese Area, promoted by the City of Rome, which aims to enhance the area through the architectural redesign of open spaces, the creation of new connections, and a redefinition of Via Portuense to transform it into a green urban street, including a new design for its riverfront facing the Tiber.

Coima’s redevelopment of the building will focus on achieving market leading sustainability performance, with high energy efficiency and the use of renewable energy sources. The project will aim to achieve LEED certification, in line with the highest sustainability standards for residential buildings.

“ESG drivers remain central to Coima’s investment strategy for the next three years and we have decided to dedicate all new investment funds to financing, supporting, and enabling the transformation of urban areas and buildings from brown-to-green, in sectors such as residential, tourism, and other strategic areas”, said Bonfiglioli. “These funds will all be classified under Articles 8 and 9 of the European SFDR sustainability framework, with a total investment target of up to €2 billion.”