Cdp Real Asset-Fei: green light for 300 million co-investment for senior and student housing

The EUR 300 million co-investment programme signed between the European Investment Fund (EIF, part of the EIB Group) and Cdp Real Asset Sgr (Cdp Group) for the development - in Italy - of social infrastructure for housing kicks off in Naples. In practice, the two institutions have selected the iGeneration fund of Investire Sgr (Banca Finnat Group) as the first investment operation to bridge the demand-supply gap for student halls of residence.
They announced this at a press conference in Naples yesterday morning. iGeneration envisages the construction of around 2,800 new beds at subsidised rates in Italy. In detail, Fei and Cdp Real Asset are committing 50 million each, to which a further 100 million will be added by private investors.

Just in Naples, work will soon be completed on the first construction site started by iGeneration, the student residence in Via Ferraris, which will be inaugurated next autumn. The project involves the redevelopment of a former office building of over 15,000 square metres, transforming it into a residence with 500 student beds, coworking spaces and services.
In addition to Naples, over the next two years the Fund plans to finalise further initiatives already in the pipeline in Padua, Forlì (Bologna University campus), Parma and Florence - and to launch further projects under analysis. The agreement represents the first national EIF social housing programme in Europe and defines a co-investment path between the EIF and Fnas (per l'Abitare sociale), a fund of funds managed by Cdp Real Asset dedicated to student and senior housing.

"Supporting the construction of social infrastructure for the most vulnerable groups is one of the EIB Group's strategic priorities for the period 2024-2027," said Marco Marrone, chief investment officer of the EIF.

"The co-investment of Cdp Real Asset and Fei in the iGeneration fund is the first concrete step in an agreement that testifies to the validity of the Cdp Group's intervention model in social housing, which is also capable of attracting EU resources alongside those of national investors," says Giancarlo Scotti, CEO of Cdp Real Asset Sgr. This agreement confirms Cdp's role as a catalyst of financial resources for projects that can generate a positive impact on the local area in terms of urban regeneration, while at the same time responding to the investment strategies of institutional players".

"Thanks to this agreement," said Dario Valentino, CEO of Investire Sgr, "we will realise about 2,800 new beds in several Italian cities with a sustainable approach, both environmentally and socially, favouring the personal and professional growth of young people through the integration of innovative services such as coworking and common areas. After the first project in Naples, which will be inaugurated in the autumn, we will continue working to complete the initiatives already started and develop new projects throughout Italy'.