- The prestigious building, located at Via Paleocapa 7, will undergo renovation work aimed at improving its energy efficiency, achieving the highest standards of sustainability, also with a view to possible conversion
- Total investment of approximately €100 million for acquisition and development
- The Impact Fund’s investment programme continues, having enabled total investments of over €8 billion to date
- In 2025, the Impact Fund qualified for the fourth year as a global sector leader by GRESB
Milan, 22 December 2025 – COIMA SGR (“COIMA”), a leader in the investment, development and management of real estate assets on behalf of institutional investors, announces the acquisition of a prestigious office building at Via Paleocapa 7 in Milan for subsequent redevelopment and enhancement. The transaction was completed through COIMA ESG City Impact Fund (“Impact Fund”), the largest discretionary urban regeneration investment fund ever raised in Italy with approximately €1 billion in equity capital, which includes the main players in the Italian social security system that invest in the real economy, such as Cassa Forense, ENPAM, Inarcassa, Cassa dei Dottori Commercialisti, as well as Intesa Sanpaolo, Compagnia di San Paolo, Fondazione Padova e Rovigo, Fondo Pensione Monte dei Paschi di Siena, Fideuram Vita, ENPACL, and BCC – Banca Credito Cooperativo.
The investment in the property is aimed at its redevelopment, including its possible conversion, and the improvement of its sustainability profile, including through the efficiency of its energy performance and the achievement of LEED® and WiredScore certifications, subject to final verification by the certifying bodies. The planned investment for acquisition and efficiency improvements amounts to approximately €100 million.
Designed in the 1940s by master architect Pietro Lingeri, the building is an example of typical Milanese rationalist elegance, combining historical aesthetic standards with contemporary efficiency. With a total area of approximately 13,500 square metres spread over nine floors, a ground floor, two basement levels and outdoor areas, Paleocapa 7 stands out for its bright, regular façade and a large courtyard in front of the entrance, which enriches it with a green area. The property has recently undergone redevelopment and offers modern, flexible and sustainable workspaces, all of which are currently leased.
Via Pietro Paleocapa runs alongside Parco Sempione, the large English-style garden in the heart of Milan, and is less than a five-minute walk from Stazione Cadorna, a major railway and underground hub, as well as an area known for its futuristic architectural restyling designed by Gae Aulenti. The area is characterised by an elegant mix of real estate, with offices, residential buildings and a wide range of commercial spaces. In addition to the railway station, two underground lines and surface transport, the area is criss-crossed by cycle paths and shared mobility solutions, making it highly accessible and suitable for soft mobility. The central location of the area also allows you to walk to some of Milan’s most famous landmarks, including the Castello Sforzesco, the Duomo and the Brera district.
The renovation of the Paleocapa 7 building is in line with the Impact Fund’s overall investment strategy, which aims to contribute to the environmental and social transition of Italian cities through activities focused on building reuse and neighbourhood-scale urban regeneration. Among the Fund’s main investments are the Olympic Village built for the 2026 Winter Games – the first step in the larger redevelopment project of the former Porta Romana railway yard – which, at the end of the event, will be converted into Italy’s largest subsidised student housing complex, and the redevelopment project of the former Guido Reni Barracks recently awarded by CDP Real Asset SGR – the asset management arm in real estate and infrastructure of CDP Group, the Italian National Promotional Institution controlled by the Ministry of Economy and Finance – to COIMA, in partnership with Eagle Hills.
Gabriele Bonfiglioli, Chief Investment Officer of COIMA, said: “This acquisition confirms the Impact fund’s focus on urban redevelopment projects with a view to sustainability, where ESG remains at the heart of the approach. Proof of this can be seen in the excellent results achieved by COIMA and the fund in the GRESB rankings: COIMA ranked as the first Italian company and the only internationally among approximately 2,400 funds evaluated in 76 countries, with five funds recognised as ‘Global Sector Leaders’ in the Development Benchmark dedicated to the best ESG results in the real estate sector, including, for the fourth consecutive year, the Impact fund.”
The transaction was financed by BCC – Banca di Credito Cooperativo di Milano. COIMA was assisted by Dentons in legal and administrative matters and by Maisto e Associati in tax matters. COIMA was supported by Orsingher Ortu in the negotiation and drafting of the financing agreement.
