has sold its Italian development and fund management firm, Hines Italy SGR, to its management.
Manfredi Catella, head of the Italian investment management firm, has taken a controlling stake in the subsidiary, which has been rebranded as .
The acquisition is part of a three-year plan to allow COIMA to enter the market as an independent platform.
After receiving authorisation from the Bank of Italy last month, Catella took a controlling majority stake in Hines Italy SGR, of which he already owned 28.87%.
Hines retains a minority stake and a place on the company鈥檚 board of directors.
Micheli e Associati, partner of Catella, will keep its ownership at 8%, while equity participation will be opened to management.
Catella, who becomes honorary president and chief executive at COIMA, said: 鈥淭he timing and conditions in Italy are right to steward and expand our best-in-class domestic investment and asset management business.鈥�
The company, founded in 2007, currently manages 鈧�5bn in assets.
Funds managed by Hines outside Italy will continue to retain ownership of their Italian assets.
Hines鈥檚 Milan mixed-use project, Porta Nuova, was sold to Qatari Holding this year.
