Coima SGR secures loan for Qatar-owned Milan project

Italian asset manager Coima SGR has arranged loans worth about €900 million ($954 million) from several banks to fund Milan’s Porta Nuova project, which is owned by the Qatar Investment Authority.

Banks including UniCredit, Intesa SanPaolo, BNP Paribas, BPM and Mediobanca have contributed to the five-year loan facility.

Porta Nuova, described by Coima SGR as the “largest urban renewal project in a European historical centre”, involved 30 architects and provides 140,000 square metres of office space.

“[Porta Nuova] has continued growing steadily over the last five years and represents one of the most attractive lending opportunities for the banking sector,” said Manfredi Catella, founder of Coima SGR.

The Qatar Investment Authority, which invests Qatar’s surplus oil and gas revenues, bought a 40% stake in the Porta Nuova project in 2013 and increased its stake to become the sole owner two years later.

Coima SGR manages 19 real estate funds with investments worth €5.5 billion.

©2017 funds global mena

Related Articles