COIMA to launch three new funds and invests up to EUR5 billion in urban regeneration
COIMA is planning to launch three new thematic investment vehicles in the next 18 months, and invest up to EUR5 billion in urban regeneration projects over the coming five years.
COIMA will launch an evergreen fund with a focus on prime assets and a develop-to-core strategy, with an investment target of EUR2 billion and a first close expected this year.
Its new Private Rented Sector (PRS) fund, investing in all residential sub-sectors including student housing and senior living, will have a target of EUR1 billion with a first close in 2022.
COIMA Opportunity Fund III will have a value-add strategy operating across various asset classes, with a target of EUR500 million and a first close also planned for 2022.
Over the past five years, COIMA has contributed to urban regeneration projects with an economic value of over EUR3 billion, and it plans to invest up to a further EUR5 billion over the next five years. One hundred per cent of the Group's new developments will be aligned with the 2050 decarbonisation target of 2°C and will be both LEED and WELL certified.
The Group will also maintain its investment strategy in the logistics sector – an asset class already growing strongly, but which is expected to undergo further growth – and tourism, a key asset for the Italian economy which, severely hit by the pandemic, is also expected to make a strong recovery in 2022-2023.
COIMA’s investment intentions have been announced alongside the establishment of a holding company to become the COIMA Group, and a new company – COIMA Human Technology (HT) – that will operate in the technological and digital field to support urban regeneration and digital transformation of physical spaces.
COIMA HT represents a total investment of EUR28.4 million with the aim of increasing the value of assets, improving the level of satisfaction and wellbeing of occupants, having a positive effect on environmental impact and aspects of social inclusiveness, and offering innovative services and personalised experiences. In partnership with QIA - Qatar Investment Authority - and in collaboration with McKinsey and Accenture, COIMA HT is planning a pilot project at Porta Nuova, collecting and analysing data from users and visitors, for the development of smart spaces, activities and services.
Manfredi Catella, COIMA Founder & CEO, says: “The decision of our founder shareholders to establish the COIMA Group after more than 40 years represents an important milestone in the corporate journey we began in 1974. We are proud to bring the many strands of our business together under one group that is well placed to contribute to the enhancement of the Italian territory as a strategic resource for economic development, to enable the targets outlined by the European Green Deal and to deliver the missions of the national recovery plan approved by the Italian Government. It is now crucial to work on projects and on the capacity of our companies to develop mutually beneficial public-private and market partnerships to speedily contribute to the country's ambitions and compete on an international scale.”
Among the main projects underway, the Group is active in Milan both with the Porta Romana railway yard, in partnership with Covivio and Prada Holding, and in the Valtellina area within the Scalo Farini, and in the north-eastern district of the city with Porta Nuova. Among the most challenging objectives that the Group has set itself in the near future is the development of the Olympic Village with a NZEB objective both in the construction phase and in the operations phase, including the conversion of the Olympic Village into a student residences.
On behalf of leading sovereign wealth funds and institutional investors from Europe, the United States, Canada, Asia, the Middle East and Italy, COIMA focuses its investment program on regeneration in Italian cities with projects that can contribute to urban economic development and the creation of new benchmarks in terms of environmental sustainability and social inclusion, particularly at the neighbourhood level.
Over the last five years, COIMA has raised approximately EUR1.8 billion from primary instit