Real estate fund manager Coima has launched its third opportunistic fund, with a target of raising 鈧�500m by 2024 to decarbonise real estate across major Italian cities.
91传媒在线 understands that Singaporean wealth fund GIC is Coima Opportunity Fund (COF) III鈥檚 cornerstone investor, having made an initial 鈧�200m commitment to the fund at its first close.
Coima said the COF III is focused on building a portfolio of next-generation carbon-neutral real estate projects in the office and residential sector, particularly brown-to-green urban redevelopment and retrofit projects in central areas of Milan and Rome where corporate demand for high-quality sustainable real estate is strong.
The fund will last a decade and will primarily target international institutional investors, with a goal of raising 鈧�500m in 2024. Through financial leveraging the fund will have an overall investment capacity of around double this amount, and a pipeline of projects worth more than 鈧�1bn has already been identified. The fund targets a levered internal rate of return (IRR) of 14%, according to Coima.
Separately, ESG City Impact Fund (COIMA Impact Fund), Coima鈥檚 urban regeneration environmental, social and governance fund has so far raised over 鈧�800m from Italian institutional investors and is set to reach its 鈧�1bn in investment by year-end, and has now increased its target size from 鈧�1bn to 鈧�2bn, the manager said.
Coima is seeking to raise over 鈧�3bn in investment over 2024-2026 through sustainable investment vehicles classified under Article 8 or Article 9 of the European Union鈥檚 Sustainable Finance Disclosure Regulation.
Manfredi Catella, founder and CEO of Coima SGR, said: 鈥淭he first close of COF III and the expansion of our Coima Impact Fund, along with other key milestones achieved by our sustainable investment vehicles, underlines Italy鈥檚 continued importance as a strategic market for national and international capital focused on sustainable urban regeneration.鈥�
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