Italy’s real estate asset manager Coima sgr announced it had refinanced its Porta Nuova project in Milan, the new central business district (CBD) in the city where Qatar Investment Authority is 100% invested as the only subscriber of three closed-end investment funds launched and managed by Coima sgr itself.
The credit facility has a 5 year’ maturity and a 900 million euros size and has been issued by a pool of banks including Unicredit, Intesa SanPaolo, Bnl Paribas, Bpm and Mediobanca.
The asset maangement company founded and managed by ceo Manfredi Catella has been supported for the deal by Mediobanca as for financial issues, by Studio Chiomenti as for legal issues and by Studio Maisto as for fiscal matters
Porta Nuova has more than 140k sq of space leased to primary companies such as Unicredit, Bnp Paribas, Bank of New York Mellon, Nike, Google, Samsung Electronics Italia, Hsbc, China Construction Bank, Celgene, Canali, Shire and Factory Mutual. Since 2012, the project has been recording a 30% or more than 70% comparring actual rents to the ones prior the project development.
Qatar Investment Authority is also an investor in other funds managed by Coima sgr owning Credit Suisse‘s headquarter in Milan, a building in San Fedele square in Milan (former headquarter of Bnp Paribas) and investing in a partnership with Coima Res Siiq (a real estate investment company similar to a US Reit). For example, just a few days ago Coima Res and Coima sgr announced a new 140 million euros investment in a complex in via Bonnet, in the middle of the Porta Nuova district (see here a previous post by BeBeez).
In the last 12 months Coima sgr has been recording quite a growth in its fundraising to about one billion euros from international and Italian institutional investors (who are now more than 100, of which a 60% are not Italian), has completed investments for abour 1,1 billion euros and signed financement deals for about 2 billion euros.
Coima sgr manages 19 ral estate invstment funds with more than 5.5 billion euros in AUM, including segregated mandates.