Ex Trotto, Cdp and Banca Finint invest with Hines in senior housing

Cdp Real Asset is "debuting" in senior housing in Milan by assisting Banca Finnint in financing the redevelopment project of the former Trotto, promoted by Hines, which is co-investor and developer. The project - which is grafted onto the area of the San Siro horse racing track decommissioned in 2012 - envisages the construction of 360 senior housing units to be rented out at subsidised rents and related services. The operation is part of a broader urban and social regeneration project - presented by Hines in September 2023 - that will involve the 130,000 square metres of the area.

In detail, Cdp Real Asset Sgr - through the Fondo nazionale dell'abitare sociale (Fnas) - is committed to an amount that may gradually rise to EUR 50 million. The new resources will be channelled into the Affordable Senior Housing ITA fund (AshITA - which means "tomorrow" in Japanese) whose management will be entrusted to Prelios Sgr, open to further investors. Alongside Cdp Real Estate is Banca Finint with EUR 15 million in the Integrated Urban Plans Thematic Fund (Pui Fund), launched by the Ministry of the Interior and the EIB to manage Pnrr resources.

The investment by Cdp and Finint involves the purchase by the AshITA fund of a portion of the former Trotto on which the residences will be built in stages. But the fund's goal will be to arrive at an investment of about 250 million euro for an innovative model that integrates residences with social and health services (area for physical activities, art workshops).

The overall redevelopment project envisages the construction of a total of 700 affordable housing units dedicated to a multi-generational target, including social housing as well as senior housing. The operation will house over 3 thousand people and, on approximately 12 thousand square metres, an urban market, commercial, educational and sports facilities. Green and public spaces will occupy 50 thousand square metres. Work will begin by the end of 2025. Delivery, starting in 2027.

"This is the first strategic partnership in Milan involving institutional capital on the theme of senior housing," recalled Mario Abbadessa, senior managing director & country head of Hines Italia. "With this second investment programme dedicated to the self-sufficient over-65s," said Giancarlo Scotti, managing director of Cdp Real asset Sgr, "we are giving a further boost to the third of the '3 Esse' of social, student and senior housing.
For Lucio Izzi, CEO of Banca Finint, the project "confirms our commitment to respond to the country's strong housing needs". While for Patrick Del Bigio, CEO of Prelios Sgr, "in order to create value, it is necessary to intercept megatrends: the rise in demographic age and the housing shortage"..