- BNP Paribas Group becomes a co-investor alongside COIMA in the Porta Nuova Diamond Fund
- The fund term has been extended to 2048 and the lease for Torre Diamante – home to BNP Paribas’s Italian HQ – has been extended to 2038
- Completion of the transaction brings the total value of deals executed by COIMA in the first half of 2026 to more than €2 billion
- Over the same period, COIMA arranged approximately €1.4 billion of financing to support acquisitions, development and portfolio refinancing
Milan, 2 July 2026 – BNP Paribas, a leading European banking and financial services group, and COIMA SGR (“COIMA”), a leading investor, developer and manager of real estate assets, today announce a joint investment in Torre Diamante (Diamond Tower) in Milan’s Porta Nuova district, home to BNP Paribas’s Italian headquarters since 2016.
The transaction involved the transfer of Torre Diamante from the Porta Nuova Varesine Fund to the Porta Nuova Diamond Fund, alongside BNP Paribas’s co-investment, and included the refinancing of the entire Porta Nuova Varesine Fund.
The transaction further strengthens the long-standing relationship between BNP Paribas and COIMA and reflects a shared long-term commitment to the asset. As part of the agreement, the term of the fund owning Torre Diamante has been extended to 2048, while BNP Paribas’s lease has been extended to 2038.
The partnership began in 2015 when COIMA acquired BNP Paribas’s historic headquarters in Piazza San Fedele, Milan, alongside the bank’s relocation to Torre Diamante. Today’s announcement marks a new chapter in that relationship and signals confidence in the continued growth of Porta Nuova as a centre for innovation, sustainability and business.
Porta Nuova: A Leading Business District
Since the completion of the first phase of its regeneration, led by COIMA, Porta Nuova has established itself as Italy’s leading business district. Today, the area – the first in the world to achieve both LEED and WELL Community certifications – is home to more than 50,000 professionals and 100 companies across a wide range of sectors, with occupancy levels close to 100%.
Porta Nuova now accounts for 20% of Milan’s office leasing market, underlining both the strength of the district and the continued appeal of Milan among institutional occupiers and international investors.
Designed by Kohn Pedersen Fox, Torre Diamante is one of Milan’s most recognisable landmarks. Its distinctive faceted design rises approximately 140 metres across more than 30 storeys.
With approximately 30,000 sq m of office space and capacity for more than 2,000 professionals, the building sets a benchmark for premium office accommodation. Developed to high sustainability standards, it achieved LEED Gold certification through a strong focus on energy efficiency, thermal performance and environmental sustainability.
Manfredi Catella, Founder and CEO of COIMA, said: “BNP Paribas’s investment in the Porta Nuova Diamond Fund is an important milestone that demonstrates Porta Nuova’s ability to attract leading institutional investors and reinforces international confidence in the Italian real estate market. This transaction reflects a long-term vision that, through urban regeneration and high-quality assets, has created a district recognised globally for innovation and sustainability. We are proud to partner with BNP Paribas on an investment that further strengthens its commitment to Milan and Italy while reinforcing Porta Nuova’s position as a leading destination for long-term capital.”
COIMA Surpasses €2 Billion in H1 2026 Transactions
Following completion of the transaction, the total value of deals executed by COIMA in the first half of 2026 exceeds €2 billion, involving partners including CDP Real Asset, Eagle Hills, Kering, Al-Mirqab and BNP Paribas Group.
Over the same period, COIMA arranged approximately €1.4 billion of financing to support acquisitions, development activities and portfolio refinancing. Around 60% of these facilities were structured as Green Loans or Sustainability-Linked Loans, reflecting the continued integration of sustainability objectives into COIMA’s investment and financing strategy.
As a result of the transactions completed in 2026, COIMA’s stabilised assets under management are progressing towards €14 billion, supported by a pipeline of opportunities valued at more than €1 billion, particularly across the residential, student accommodation and hospitality sectors.
Strengthening Governance for the Next Phase of Growth
COIMA is preparing for its next phase of growth by further strengthening its governance and organisational structure to meet the highest regulatory and market standards. The programme is designed to accelerate the Group’s development while positioning it to seize opportunities arising from the ongoing consolidation of the asset management sector.
Following the appointment of a new Board of Directors, chaired by Massimiliano Cesare, former Chairman of F2i SGR and Medio Credito Centrale, COIMA has established a strengthened governance framework. The nine-member Board includes six independent non-executive directors.
Alongside its leadership in the office sector, COIMA is accelerating growth across a range of new asset classes, with a particular focus on the living sector, including purpose-built student accommodation (PBSA), hospitality, and large-scale urban regeneration and infrastructure-led developments.
COIMA’s development pipeline is centred on the regeneration of previously developed urban areas, creating sustainable, mixed-use districts designed to generate long-term economic, social and environmental value. Key projects include:
- Former Porta Romana Railway Yard, Milan: Home to the Olympic Village for the Milano Cortina 2026 Winter Games, the development is set to become Italy’s largest subsidised student residence, providing 1,700 beds. Following the Games, the asset will be converted for student use in just four months and has already secured reservations for approximately 70% of available beds ahead of its opening for the 2026/27 academic year.
- MilanoSesto, Sesto San Giovanni: MilanoSesto is the largest urban regeneration project in Italy and one of the largest in Europe. COIMA has completed its second year of management, investing €80 million while continuing site remediation, infrastructure works and development activities across the former Falck industrial area.
- Former Guido Reni Barracks, Rome: COIMA, together with CDP Real Asset and Eagle Hills, has launched the transformation of the former Guido Reni barracks into a mixed-use district incorporating social housing, private residential, retail and hospitality uses. Remediation works are expected to begin by the end of the year.
- Hotel des Bains, Venice: COIMA and Eagle Hills have launched a €200 million programme to restore and modernise the historic Hotel des Bains. Site safety works are already under way, while the operator selection process is expected to conclude this summer, paving the way for the start of full redevelopment works.
