Italian investment company Coima, with backing from a sovereign wealth fund, has acquired a €140 mln office redevelopment project in Milan.
Coima’s latest unlisted opportunity fund has taken a 64% stake in the project, while its listed subsidiary Coima RES will own the remaining 36%.
The project in Milan’s Porta Nuova area, where Hines has created the largest redevelopment project then succumbed to the sovereign fund of Qatar, includes a core-plus 5,200 sqm building and a value-add 14,400 sqm office tower.
Meanwhile, according to rumors reported by a blog published by Il Sole 24 Ore, the sovereign fund of Qatar would be refinancing the debt of Milan’s Porta Nuova Garibaldi and Varesine, the area of Milan where numerous new skyscrapers have sprung up, including the new headquarters of Unicredit and the Bosco Verticale, and where the Doha fund has invested last year several billion euros (according to the rumors about 2 billion) to become the owner .
