- COIMA's commitment to sustainable real estate development is confirmed by the scores among the highest in the world assigned by GRESB, with three COIMA funds awarded 5-star ratings
- The COIMA ESG City Impact Fund positioned as a European leader and part of a select group of only 23 leading global ESG funds
Milan, 19 October 2023 – COIMA SGR, leader in the investment, development and management of real estate assets on behalf of institutional investors, announces that the real estate funds COIMA ESG City Impact Fund (CECIF), COIMA Opportunity Fund II (COFII) and Porta Nuova Garibaldi Fund (PNG) have received excellent scores at European level assigned by GRESB (“Global ESG Benchmark for Real Assets”) for the year 2023.
The portfolios of the funds include numerous projects located in the Porta Nuova area in Milan – the first neighborhood in the world to obtain LEED® and WELL® for Community certifications, which recognize the social, environmental and economic sustainability of a real estate project – and the future Olympic Village. This is the first piece of the large urban regeneration project of the Scalo Porta Romana which, at the end of the 2026 Winter Games, will be returned to the city community through its transformation into the largest student residence in Italy built in Social Residential Housing, with approximately 1,700 beds. The overall development of Scalo Romana is also financed by Intesa Sanpaolo through a 'Sustainability-linked Loan' worth EUR 250 million.
Founded in 2009, GRESB is the most authoritative rating system globally for benchmarking and ESG reporting in the real estate sector and is today the reference for structuring and managing sustainability issues.
GRESB ratings help investors compare the non-financial information provided by the entities receiving the rating, thanks to a consistent methodology across different countries, investment vehicles and types of ownership, aligned with the main international reporting frameworks (GRI, EPRA, TFCD). This year, GRESB considered 2,084 funds from 75 countries for evaluation, with more than USD$7.2 trillion in assets and 170,000 underlying properties.
The COIMA funds have once again achieved important results at an Italian and European level, strengthening the Company's commitment to being industry leader for sustainability:
- the CECIF fund– participated by Fondazione ENPAM, Cassa Forense, Cassa Dottori Commercialisti, Inarcassa, BCC Credito Cooperativo, Fondazione CARIPARO, Compagnia di San Paolo and COIMA SGR with the aim of contributing to the ecological transition and social development of Italian cities through investment activity in building reuse at building level and in urban regeneration at neighborhood scale – confirmed the 1st place among the GRESB development peer groups in Europe with a 5-star rating and a record score of 99/100 points;
- the score assigned to the COFII fund (COIMA Opportunity Fund II) - participated by COIMA SGR and primary national and international institutional investors, including the Government of Singapore (GIC), Cassa Depositi del Quebec (Ivanhoe Cambridge), Poste Vita and Inarcassa - confirms its positioning in 1st place among the GRESB development peer groups in Europe for the Offices category, with a 5-star rating (99/100 points);
- Finally, the PNG Fund (Porta Nuova Garibaldi) ranked 2nd among the Corporate Core Funds in Italy, behind COFII which obtained 1st place, with a 5-star rating compared to the previous year (90/ 100 points).
Thanks to these important results, COIMA ESG City Impact Fund is today positioned among the Global Sector Leaders (“Development Benchmark”) becoming part of a select group of 23 leading funds globally.
Rating participants are required to provide a set of information on various topics: policies and governance of non-financial issues at organizational level, quantitative data relating to the environmental performance of the assets in the portfolio, sustainability characteristics of development projects.
Furthermore, particular importance is also given to the level of involvement of the main categories of stakeholders - tenants, local community, employees. The result provides high-quality information that investors and participants can use in their investment, engagement and decision-making processes, providing useful support to monitor and manage investment ESG risks and opportunities, as well as prepare for increasingly stringent ESG obligation, as well as to prepare for increasingly stringent ESG obligations. Furthermore, the continuity of participation in the rating will allow a more effective assessment of portfolio transition risks, in line with the approach of the Task Force on Climate Disclosure (TCFD).
COIMA has participated in the GRESB rating since 2018 and is making an exponential commitment to integrating ESG practices at all levels of work within the group, from investment management to asset management and risk management processes. In the last year COIMA continued to classify the COIMA Opportunity Fund II and Porta Nuova Garibaldi funds, while in July 2022 it announced that the collection of COIMA ESG City Impact Fund exceeded 500 million euros, confirming itself as the largest investment fund in discretionary urban regeneration never collected in Italy. Further confirming the fund's growth potential, the CECIF Assembly recently approved the increase of its initial size from EUR 1 billion to EUR 2 billion in equity to support priority prospective operations in Milan and Rome.
Kelly Russell Catella, Head of Sustainability & Communication, COIMA SGR: “This year’s GRESB results for our COIMA funds underlines our continuous commitment to the integration of environmental, social and good governance aspects in real estate development and investment. The results confirm COIMA's position as a leader in Italy and Europe – and globally – in ESG-led real estate investment fund management. By the end of the year, COIMA will manage 14 funds classified under Article 8 of the Sustainable Finance Disclosure Regulation (SFDR), which recognizes their ESG commitments, with a collective value of approximately €4.6bn in assets and 74% of the portfolio certified or pre-certified LEED.”