Coima buys Milan office, consolidating Porta Romana assets

Italian asset management firm Coima has acquired an office building in the Porta Romana district of Milan, bringing its holdings in the neighbourhood to three assets.

Financial details were not disclosed, but Coima reported that the three properties were worth a total of €150 mln, and covered some 33,000 m2 of commercial space.

The latest property, situated at Via Lorenzini 8, is the Italian headquarters of the Boehringer Ingelheim Group, and comprises seven buildings with an above-ground surface area of 19,300 m2.

The Porta Romana scheme represents an ambitious, ongoing project to transform an urban brownfield site, as part of a wider plan to rezone Milan's old railway yards.

'Covering more than 216,000 m2, Porta Romana represents the second largest decommissioned railway yard in Milan by surface area,' said Manfredi Catella, Coima SGR’s CEO.

'In line with our holistic approach to requalifying areas - such as our project that links Porta Nuova to the Valtellina area along a strategic axis of the city that may continue all the way to Arexpo - the Via Lorenzini properties, along with the properties acquired on Via Ripamonti, will be part of a broad and important urban regeneration project, in accordance with the highest international sustainability standards,' Catella added.

Via Lorenzini focus
The acquisition of Lorenzini 8 was executed by the Coima Opportunity Fund II, which Coima says is the largest discretionary real estate fund dedicated to Italy.

Coima was assisted by Inzaghi Belvedere & Partners (urban planning and administration), Molinari e Associati (legal), Led Taxand (tax), CBRE (commercial) and REAAS (technical and environmental).

The new deal follows the recent acquisitions of buildings at Via Lorenzini 4 and Via Ripamonti 85.

The Italian asset manager said that the recent Via Lorenzini 4 acquisition was concluded through the prior purchase of a non-performing mortgage receivable from BNL (BNP Paribas Group), guaranteed by the building itself.

The 1950s building, comprised of four above-ground floors with a surface area of approximately 6,000 m2, is almost entirely leased to companies in the luxury and IT sectors including LVMH, Centrex, Weedoo, Zebra Technologies and Darag.

The acquisition of Lorenzini 4 was concluded on behalf of the Coima Core Fund I. Coima was assisted by Inzaghi Belvedere & Partners (urban planning and administration), Grimaldi (legal – acquisition of the building), RCCD (legal – acquisition of the mortgage receivable), Led Taxand (tax), GVA Redilco (commercial) and REAAS (technical and environmental).

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