- COIMA’s commitment to a sustainable real estate development strategy receives recognition as it secures one of the highest GRESB scores in the world
- COIMA ESG City Impact Fund recognised among the “Global Sector Leaders”, a group of only 43 funds in the world selected for the best sustainability characteristics
- COIMA Lampugnano Regeneration Fund featured in the “Global Sector Leaders in the Offices” category for the first time since its launch two years ago
- Four COIMA funds are awarded 5-star ratings, with three ranked first in Europe in their respective categories
- Information on performance and mitigation actions in relation to PAIs on fossil fuels, inefficient buildings, emissions and energy intensity of the portfolio has been compiled as part of COIMA’s Sustainability Report
Milan, Nov. 11, 2024 – COIMA SGR a leader in the investment, development and management of real estate assets on behalf of institutional investors, announces that the COIMA ESG City Impact Fund (Impact), COIMA Lampugnano Regeneration Fund , COIMA Opportunity Fund II and Fondo Porta Nuova Garibaldi real estate funds have received excellent scores for 2024 from GRESB (“Global ESG Benchmark for Real Assets”), the most authoritative global rating system for ESG benchmarking and reporting in the real estate sector.
The portfolios of the award-winning funds include the future 2026 Winter Olympic Athletes’ Village, which will become Italy’s largest purpose built student accommodation scheme after the Games with 1,700 beds. The Village constitutes the first piece of the large urban regeneration project of the Porta Romana railway yard, financed by Intesa Sanpaolo through a “Sustainability-linked Loan” worth 250 million euros. In addition to several projects located in the Porta Nuova area – the first neighborhood worldwide to obtain the LEED® and WELL® for Community certifications, which recognise the social, environmental and economic sustainability of real estate projects – the funds’ investments include a large area located in the North-West quadrant of Milan (Lampugnano), where a new-generation office building will be built according to the highest technological and sustainability standards.
COIMA funds have achieved significant results at the Italian and international level, underlining the Company’s role as an industry leader in sustainability:
- the Impact fund, for the third year in a row, ranks No. 1 among funds dealing with Residential and Office Buildings in Europe, with a 5-star rating and a record score of 99/100 points1. Impact is to date the largest discretionary urban regeneration fund in Italy – participated in by leading pension funds and banking institutions with a capital endowment of more than 900 million euros, and by Intesa Sanpaolo – and aims to contribute to the ecological and social transition of Italian cities through investment in building-level reuse and neighborhood-scale urban regeneration;
- the COIMA Lampugnano Regeneration Fund, set up to purchase an area in the Lampugnano area of Milan for the construction of a next-generation office building, scored 99/100 points, achieving 1st position among European funds dedicated to Offices2;
- the COIMA Opportunity Fund II fund – participated in by COIMA SGR and leading national and international institutional investors, including the Government of Singapore (GIC), Cassa Depositi del Quebec (Ivanhoe Cambridge), Poste Vita and Inarcassa – again ranks 1st among GRESB development peer groups in Europe for the Office category, confirming its 5-star rating (99/100 points);3;
- finally, the Porta Nuova Garibaldi fund, with a portfolio mainly comprised of assets located in Porta Nuova in Milan, achieves 1st place among Core Funds in Italy for mixed-use assets4, with a 5-star rating (90/100 points).
1 1° Development Score within Diversified – Office/Residential / Europe
2 1° Development Score within Office / Europe
3 1° GRESB Score within Office /Non-listed / Opportunistic
4 1° Europe | Mixed use: Office/Retail | CORE
COIMA’s commitment to integrating environmental, social, and good governance aspects into the management of its funds has resulted in the Impact fund being ranked for the second year in a row among the “Global Sector Leaders,” a group of only 43 funds selected by GRESB globally, which this year also saw the entry of the COIMA Impact Lampugnano Fund, recognised as a Global Sector Leader in the Offices category just two years after its launch.
COIMA has been participating in the GRESB rating since 2018 and is continuously working to integrate ESG practices at all levels of work within the group, from investment management to asset and risk management processes.
Kelly Russell Catella, Head of Sustainability & Communication at COIMA SGR: “Once again this year, GRESB has recognised the outstanding performance of COIMA funds and our ongoing commitment to the pursuit of innovation in land redevelopment. One of our goals for 2030 is to classify all funds under Art. 8 or Art. 9 of the Sustainable Finance Disclosure Regulation (SFDR), combining the environmental and social impact of our projects on the communities of reference with the financial return expected by our institutional investors, domestic and international, who recognise the high standards of sustainability in our investment strategies”.
Founded in 2009, GRESB is now the benchmark tool for structuring and managing sustainability issues. GRESB ratings help investors compare non-financial information provided by the entities receiving the rating, thanks to a consistent methodology across different countries, investment vehicles, and ownership types, aligned with major international reporting frameworks (GRI, EPRA, TFCD). This year, GRESB considered 2,223 funds from 80 countries, with over $7 trillion in assets and 208,000 underlying properties for rating.
Participants in the rating are asked to provide a set of information on several issues: policies and governance of non-financial issues at the organisation level, quantitative data on the environmental performance of portfolio assets, sustainability characteristics of development projects. In addition, emphasis is also placed on the degree of involvement of key stakeholder categories-tenant, local community, employees. The result yields high-quality information that investors and participants can use in their investment, engagement, and decision-making processes, providing useful support for monitoring and managing the ESG risks and opportunities of investments, as well as preparing for increasingly stringent ESG obligations. In addition, continued participation in the rating will enable more effective assessment of portfolio transition risks, in line with the approach of the Task Force on Climate Disclosure (TCFD).
Sustainability Report
COIMA has compiled information on the performance and mitigation actions in relation to PAIs (Principal Adverse Impact indicators) on fossil fuels, inefficient real estate, emissions, and energy intensity of its portfolio as part of its Sustainability Report.
- With regard to impact from real estate assets involved in the storage, processing, or extraction of fossil fuels, COIMA has 0% of its real estate value falling into this category, in addition, in its Policy of Integrating Sustainability Risks into Investment Processes it applies, among others, the criterion of excluding the possibility of constructing new buildings for this purpose.
- 68% of the property value under management is “efficient,” and for the remaining 32% of “inefficient” properties as defined by the Sustainable Finance Disclosure Regulation, COIMA has planned actions to improve energy performance for 28% of the remaining portfolio. This leaves 4% that is non-strategic and in possible disposal.
COIMA’s Sustainability Report can be viewed at the following link:
https://coima.com/en/sustainability/disclosure/sustainability-report
