Coima fund buys Milan asset for major revamp

Italian asset manager Coima has acquired a 12,300 m2 office scheme on Milan's via Ripamonti, near the Porta Romana railway yard, from local firm Camuzzi Spa.

The building, which was purchased on behalf of the Coima Core Fund 1, is roughly 50% leased to Daikin with seven years remaining on the lease.

Coima said that it will renovate the asset and lease the vacant space. Financial details were not disclosed.

The Railway Yard area, covering a total of 217,000 m2, is undergoing a major regeneration due to complete over the next several years.

Earlier this year Coima also acquired another development site as part of the revamp of the Milanese railway yards with the purchase of the Valtellina area, from the Olimpia Investment Fund, managed by Savills IM SGR.

Located in the Farini Railway Area adjacent to Porta Nuova, the site was bought through Coima's Mistral Fund and encompasses 60,000 m2 of space. The asset is let to the Public Domain Agency (Agenzia del Demanio) until December 2022.


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