Coima, from the Housing Fund and Fnas 200 million for the Olympic Village and 450 concessionary seats

Coima Housing - Coima's fund dedicated to sustainable housing - and Cdp Real Asset sgr's Fnas (Fondo nazionale abitare sociale) have invested in the new Coima Olympic Village Fund (with a 25-year term) dedicated to the development and management of the Olympic Village, which after the 2026 Games will be transformed into Italy's largest subsidised student residence. The project envisages total investments of around EUR 200 million for the acquisition and completion of works.

The new fund sees Coima Housing as a majority subscriber and Fnas (Fondo nazionale abitare sociale, a fund of funds promoted and managed by Cdp Real Asset Sgr) as the majority underwriter, which proposes to promote real estate projects of up to EUR 1 billion.

The development, covering an area of approximately 30,000 square metres, will host approximately 1,700 contracted beds, 30% of which at subsidised rates. The student residence rates envisaged in the agreement signed with the City of Milan on 22 December 2022 take into account the following variables both the construction costs initially estimated (without the extras) on the basis of the technical specifications requested by the MiCo Foundation and shared with the City, and a capped financial return of approximately 5 per cent for the investor, represented by, among others, banking foundations and pension funds, established in agreement with the City and lower than market levels (10-15 per cent).

Thanks to innovative construction techniques,' the developers explain, 'construction work on the Olympic Village is currently three months ahead of the IOC timetable. With regard to the construction cost increase of approximately 40 million euro compared to the Olympic dossier, the operators are waiting to receive indications from public institutions for their relative coverage in order to continue the work according to the current timetable.

The average agreed rates - around EUR 680 per bed per month plus expenses - are 25% lower than the market average. The agreement provides for a total of 150 beds at subsidised rates, of which 50 beds in single rooms at subsidised rates reserved for the disabled and 100 beds in double rooms at subsidised rates for less affluent students.