COIMA: Launch of €3 Billion Investment Program Following Pirellino Dispute
Deal News | Feb 28, 2025 | COIMA SGR SpA
COIMA SGR has unveiled a comprehensive three-year investment plan valued at over €3 billion, focusing on residential, tourism, and neighborhood regeneration, with specific developments in Milan's Porta Nuova district. The firm has simplified its redevelopment plans for the Pirellino building due to delays caused by changes in municipal housing policy, which affected the project’s regulatory compliance. COIMA's legal appeal led to a favorable ruling from the Council of State, yet further municipal obstacles have pressed them to adjust their renovation strategy. The project maintains a commitment to reducing emissions and achieving sustainability certifications. COIMA is actively engaging in strategic urban regeneration projects, with investments in logistics, housing, and sustainable living within Milan and beyond, in partnership with notable investors and funds. Their efforts reflect an integrated approach to revitalizing urban spaces while aligning with environmental goals.
Sectors
- Real Estate Development
- Urban Regeneration
- Financial Services
- Sustainable Development
Geography
- Italy – The country of operations for COIMA SGR's investment and development projects, particularly in the Milan region.
- Milan – Specific city where COIMA is executing major development and urban regeneration projects including the Porta Nuova district.
Industry
- Real Estate Development – This industry involves the management, investment, and development of property projects, as exemplified by COIMA’s operations in Milan’s Porta Nuova district.
- Urban Regeneration – Focusing on redeveloping city areas to improve living conditions and infrastructure, which aligns with COIMA's renovation and investment plans across Milan.
- Financial Services – The sector where capital is managed, invested, and multiplied, showing relevance to COIMA's role in funding and executing large-scale urban projects.
- Sustainable Development – Involves projects that meet present needs without compromising future generations, reflected in COIMA's commitment to sustainability in property development.
Financials
- 3 billion euros – Total investment amount planned by COIMA over three years for various real estate and regeneration projects.
- 194 million euros – Total value of the Pirellino property awarded to COIMA during a public auction in 2019.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| COIMA SGR | Developer and Investor | Company | A real estate investment, development, and management firm leading the Porta Nuova project and other urban regeneration efforts in Italy. |
| City of Milan | Municipal Authority | Government | The governing body involved in the approval and regulation of urban development projects like COIMA's Pirellino. |
| Diller Scofidio + Renfro | Architectural Firm | Company | The architectural team responsible for the renovation design of the Pirellino as part of the Porta Nuova development project. |
| Council of State | Judicial Body | Government | The judiciary authority that ruled in favor of COIMA regarding the planning regulations issue. |
| Compagnia di San Paolo, Fondazione Padova e Rovigo, Intesa Sanpaolo, and others | Investors | Companies | Participants in COIMA's sustainable housing and urban regeneration funds. |