COIMA Raises €500M for Italian Living Real Estate Fund

COIMA, a prominent Italian real estate asset manager, is actively raising capital for a new fund focused on the dynamic living sector. The firm aims to secure approximately €500 million in commitments for this specialized vehicle, signaling a strategic push into residential and related property segments. This initiative underscores a broader trend of institutional capital seeking exposure to resilient real estate asset classes, particularly those addressing evolving urban living needs.

The fund has already garnered significant early traction, reportedly securing €390 million. This robust initial fundraising is attributed to strong interest from sophisticated investors, including major institutional investors and influential sovereign wealth funds. The substantial capital secured demonstrates confidence in COIMA's strategy and its established track record in the Italian market.

At its core, the fund's investment thesis revolves around the strategic repositioning and repurposing of existing real estate assets. A key focus will be on urban regeneration, transforming underutilized or disused properties into modern living spaces. This includes a strong emphasis on change-of-use projects, such as converting former office buildings into residential units and expanding student housing offerings. The geographic scope of the fund is strategically concentrated along the vital Milan–Rome corridor, a region experiencing consistent demand and economic activity.

This new fund launch coincides with a period of significant financial activity for COIMA. Over the past six months, the firm has successfully executed over €1 billion in financing transactions. These deals encompass both new acquisitions, such as properties at Via Carcani 61 in Rome and Via Paleocapa 7 in Milan via the COIMA ESG City Impact Fund, and the refinancing of existing portfolio assets. Notably, more than half of these transactions were structured using green or sustainability-linked loan facilities, reflecting COIMA's commitment to ESG principles.

As of February 10, 2026, the total financing across all vehicles managed by COIMA SGR reached €3.8 billion, with a substantial 48% designated as sustainability-linked or green loans. This commitment to sustainable finance is further exemplified by significant 2025 transactions. These include a €220 million green loan for the redeveloped Pirelli 35 office building in Milan, arranged with BayernLB, CaixaBank, and UniCredit. Additionally, a €120 million sustainability-linked loan was finalized for its Core I fund, backed by a portfolio of seven properties in Milan and Rome, with full underwriting from Crédit Agricole and ING.

COIMA SGR's flagship COIMA ESG City Impact Fund, established in July 2020, is a testament to the firm's dedication to sustainable urban regeneration. This fund has been instrumental in projects like the Olympic Village for the 2026 Winter Games in Milan, slated for conversion into Italy's largest affordable student housing complex post-event. The fund is also involved in the redevelopment of the former Guido Reni Barracks in partnership with Eagle Hills. These initiatives highlight COIMA's capacity to manage complex, large-scale urban transformation projects, positioning it as a leader in Italy's real estate investment management sector.