• Over €600 million of new capital raised from leading national and international investors
• Average performance of 10% IRR for managed funds
• Assets Under Management up 6% to over €9 billion; €10 billion target by 2024
• EBITDA up 50% to €17.9 million
• Net profit of €14.2 million
• Brokerage margin up 74% to €45 million
Milan, 18 May 2022 – COIMA SGR – a leader in the asset management of alternative real estate investment funds on behalf of institutional investors – has recorded solid results and significant growth for the year to 31 December 2021, performing ahead of expectations despite the impact of the COVID pandemic.
COIMA SGR closed 2021 with 27 real estate investment funds (up to 30 at Q1 2022), with further growth anticipated this year following the launch of the new COIMA Logistics Fund II, which has already closed acquisitions of €800 million and will reach €1 billion of total investments in 2022.
The company leveraged strong relationships with institutional investors, raising new subscriptions during the year of over €600 million from leading national and international investors. It delivered an average of 10% IRR for its managed funds.
Net profit grew by more than 100% to €14.2 million in 2021, due in part to consolidation of the Company's normal operations and higher than expected growth in the performance commissions of the Funds.
Assets under management grew to over €9 billion (an increase of 6% compared to 2020), with a portfolio of more than 170 properties and in excess of 200 tenants.
The brokerage margin grew by 74% to €45 million (including €17.3 million of non-recurring revenues), and EBITDA grew by 50% to €17.9 million (including €6.4 million of non-recurring income).
COIMA SGR RESULTS FOR THE YEAR TO 31 DECEMBER 2021
During 2021, the corporate rationalization of the integrated real estate services platform was finalized with 100% of the shares of COIMA SGR S.p.A. and COIMA REM S.r.l. (specialized in property and project management services) transferred to COIMA Holding, enabling the creation of the COIMA Group.
The Group also includes COIMA HT (controlled by COIMA Holding and specialized in IT innovation and digitalization services applied to real estate) and Residenze Porta Nuova (controlled by COIMA SGR and specialized in real estate brokerage).
The Group's brings together over 200 professionals, more than half of whom are under the age of 40. Over the last five years, COIMA has contributed to urban regeneration projects with an economic value of over €3 billion, with investment forecast for up to a further €5 billion over the next five years.
Manfredi Catella, COIMA's Founder & CEO, commented: “Despite a context characterized by the critical conditions of the pandemic, we achieved results in 2021 that exceeded the objectives of our business plan. Our funds delivered an average performance of 10% IRR to our investors, thanks in part to the diversification strategy undertaken in particular in the logistics sector with investments and commitments totaling €1 billion."
“We have continued our organizational evolution in terms of governance and management, with particular emphasis on skills in ESG, technology and digitalization. COIMA is the first Italian investment management company to adhere to the Sustainable Finance Disclosure Regulation (SFDR) and we have set the goal of aligning, by 2030, 100% of the portfolio with the European decarbonization plan, with all new developments LEED and WELL certified and all our funds categorized under articles 8 or 9 of the SFDR, activating important community management projects in urban regeneration schemes."
During 2021 COIMA maintained and further strengthened its commitment to ESG, with highlights including:
• COIMA promptly integrated the regulatory requirements of the Sustainable Finance Disclosure Regulation (SFDR), in particular in compliance with Art. 4 of EU Regulation 2019/2088, deciding to adopt the "comply" approach to considering the negative effects of its investment decisions on the Environmental, Social, Governance (ESG) sustainability factors and published the "Sustainability Risk Integration Policy in Investment Processes".
• In 2021, the Sustainable Innovation Committee was integrated into the business model, reviewing processes and establishing procedures to improve monitoring and reporting of ESG issues.
• Important results were achieved in the GRESB (Global Real Estate Sustainability Benchmark) rating, positioning the COIMA Opportunity Fund II (95/100) and Porta Nuova Garibaldi (83/100) among the best real estate funds in Europe.
• The first three Real Estate Alternative Investment Funds were launched in former Art. 8 SFDR: COIMA ESG City Impact Fund, COIMA Lampugnano Regeneration Fund, and COIMA Evergreen, of which the first two are already operational and the third is in the collection phase.
• Over 80% of the managed real estate portfolio is LEED certified or pre-certified and a decarbonization plan has been developed for over 50% of the portfolio.
• The construction of Gioia 22 was completed, the first nZEB (nearly Zero Energy Building) tower in Italy, which also obtained LEED Platinum and WELL certifications.
• The Porta Nuova district has completed the certification process for obtaining LEED and WELL for Community certifications: once the verification has been completed, the district will be the first in the world to obtain double certification, an example of excellence in terms of urban redevelopment with measurable and transparent ESG impact.