Student housing: FEI invests 50 million in the Pitagora fund

The European Investment Fund (EIF) – part of the European Investment Bank Group (EIB Group) – has made an investment of 50 million in the Pitagora Fund, a property fund dedicated to the development of student accommodation across the country and managed by Finint Investments (Finint Bank Group). At the same time, CDP Real Asset SGR – already a partner in the initiative – has subscribed to a further tranche of 10 million, bringing its total commitment to the fund to 50 million.

As a result, the Pitagora Fund has reached a total budget of 175 million euros, which will enable it to provide more than 2,000 beds at capped rates nationwide, doubling the initial forecasts and increasing the number of beds available for deserving students from less privileged economic backgrounds.
The initiative forms part of a broader joint partnership between the EIF and the CDP Group to create 5,200 beds in 15 Italian cities, of which over 2,000 are already operational.


The new developments were presented during a press conference held at CX Modena | Crocetta Campus & Hotel, a 366-bed facility with 5,300 square metres of public parkland situated in the heart of the city and inaugurated last year.
The fund has a remaining term of 15 years and a fundraising target of 250 million euros for the construction of new student accommodation, particularly in secondary university towns with attractive universities but where the supply of dedicated accommodation is still insufficient.

The fund currently holds four projects in its portfolio in the cities of Modena, Padua, Pisa and Genoa, where – between facilities already in operation and others under construction – it will provide around 1,100 beds. Almost 20 per cent of the places, at particularly reduced rates, will be reserved for deserving students from less privileged economic backgrounds, as a result of agreements with local authorities, in line with the social impact objectives pursued by the fund’s main investors.

“Through this operation, the EIB Group is helping to increase the availability of modern and accessible student accommodation, thereby supporting students’ mobility and their access to education,” said Ioannis Tsakiris, EIB Vice-President responsible for the EIB Group’s activities in the housing sector. “ “Investing in student accommodation means investing in talent, opportunities and the country’s future competitiveness.”