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Coima SGR wins the public tender for the sale of Largo De Benedetti in Milan

Coima SGR wins the public tender for the sale of Largo De Benedetti in Milan

COIMA SGR (“COIMA”), leader in the investment, development and management of real estate assets on behalf of institutional investors, is the winning bidder in the public tender called by the Municipality of Milan for the sale of the Largo De Benedetti complex in Porta Nuova for the amount of EUR 30.5 million.

The lot, put up for auction by the Municipality in July 2022, comprises the property complexes located at Largo De Benedetti 1 and Via Messina 53, respectively. The acquisition completes the procedure set out in the tender notice with the award to COIMA of the entire lot.

The portion located in Via Messina 53 includes a built-up area with a land surface of 3,132 sqm for production and artisanal use, while the building complex in Largo De Benedetti 1 consists of two buildings (the first of one floor and the second of two) distributed over an area of 3,129 sqm, occupied by municipal offices that will be vacated by 2023.

In accordance with the provisions of the call for tenders issued by the Municipality of Milan, the area of Via Messina 53 will be destined for private services of public interest such as student halls at rates agreed with the Municipality of Milan; on the area of Largo De Benedetti 1, a building intervention is planned with a surface area of 6,261 square metres of SL.

The Largo De Benedetti complex is part of the Porta Nuova Gioia urban regeneration project, which is the subject of a unitary masterplan that includes the developments of Gioia 22, I Portali, Pirelli 32, Pirelli 35, and Pirelli 39 for approximately 270,000 square metres that will lead to a substantial doubling of the first phase of development of Porta Nuova, and of the related neighbouring areas for which the City of Milan and COIMA SGR have signed an agreement for the redevelopment of public and pedestrian areas. The objective of the agreement is to redevelop, while maintaining continuity and urban harmonisation, the entire area around Via Melchiorre Gioia, so as to encourage sustainable mobility and to have more and more spaces on a human scale, encouraging pedestrian movement by eliminating architectural barriers and guaranteeing the continuity of paths.

The transaction was finalised through the COIMA ESG City Impact Fund (‘CECIF’), the largest discretionary urban regeneration investment fund raised in Italy, whose first capital raising period was completed in 2022 with over EUR 500 million subscribed, and which reopened subscriptions in 2023 with the aim of continuing towards its target of over EUR 1 billion. The fund is participated by leading national institutional investors, including Cassa Forense, Fondazione ENPAM, Cassa Dottori Commercialisti, Inarcassa, BCC Credito Cooperativo, Fondazione CARIPARO, and Compagnia di San Paolo.

The acquisition of the two real estate complexes was supported by the law firm Belvedere Inzaghi & Partners for the administrative part and by Maisto & Associati for the fiscal aspects.

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