Coima launches second Italian property fund

Coima SGR has launched its second fund with a €500 million ($547 million) equity fundraising target. Coima Opportunity Fund II will focus on development and retrofitting projects in Italy.

The fund has held a first close, and its initial cornerstone investor is a sovereign wealth fund that has invested €150 million ($164 million), becoming the fourth sovereign wealth fund to team up with Coima SGR on Italian real estate investments.

The fund's overall investment capacity, including leverage, will amount to more than €1 billion ($1.1 billion), and the cornerstone investors will have the right to co-invest in the fund, raising its potential investment capacity further.