COIMA launches brown-to-green real estate fund with €500m target

COIMA SGR has launched COIMA Opportunity Fund III (COF III), with a target of raising €500 million ($547 million) by 2024 to decarbonize real estate across major Italian cities.

COF III reached first close with an initial investment of €200 million ($219 million) from a leading Asian sovereign wealth fund, which joined as anchor investor.  The name of the wealth fund was not disclosed in the release; however, it has been reported by other media outlets that the anchor investor was Singapore-based sovereign wealth fund GIC.

The fund 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 po