We launched the COIMA ESG City Impact Fund, the first fund classified article 8 according to SFDR, with the first closing of € 400 Mln from leading Italian institutional investors. This highlights that the capital markets are increasingly orienting their investment choices towards products that best complement ESG issues. COIMA is structured to be able to integrate these objectives, carefully evaluating ESG risks in the investment process.
Managing Director Investment management
Investment capacity is the driver of the business model of COIMA SGR and of the entire platform. To support its development projects, COIMA works to ensure a constant flow of financial resources, that balances the raising of institutional capital and the negotiation of loans with the credit system.
During the last three years, the funds managed by COIMA SGR raised additional resources of about € 1400 million, about 70% from domestic investors and about 50% from pension and sovereign wealth funds, which operate on a longer time horizon than speculative investors. Italian investors accounted for the majority of the funds raised in the last three-year period. This follows the launch of the COIMA ESG City Impact Fund, a property fund specialising in urban regeneration with an impact on the real economy, and a focus on Italy’s main cities. The fund closed its first offering phase with capital of about € 400 M obtained from three leading Italian pension funds, and preparations for the second closing are now under way.
Since 2000, COIMA has also successfully negotiated over 6.4 billion Euro in loans with the main Italian and international banks, approximately 3.6 billion Euro of which has already been repaid. During 2020, loan agreements were concluded for a total amount of about 650 million Euro to finance both core projects and development funds, involving 6 different banks. The loan agreements are hedged against the risk of exchange rate fluctuations through the use of derivative instruments for hedging purposes.
Sustainability values and criteria are an integral part of the investment process, with the aim of improving its risk/return parameters and generating a positive impact on environmental and social aspects, as well as achieving the financial returns established in the plan. The due diligence phase also embraces assessments of sustainability (ESG) factors in order to determine the investment’s ESG profile, and the verification of the economic impact related to the achievement of specific ESG objectives identified through application of the Sustainability Checklist and the COIMA Charter.
Thanks to this approach, the company has successfully attracted institutional investors including Adia, Ivanhoe Cambridge, Qatar Investment Authority, Poste Vita, Cassa Nazionale Forense, Cassa Commercialisti, Inarcassa and many others, which have chosen COIMA to manage their capital invested in the Italian real estate sector.