From public assets to development leverage: the Mef's new strategy for valorisation

"Transforming public real estate assets from a static element into an active instrument of economic policy, supporting regeneration and development processes, for the benefit of the needs of the community, in a logic geared to the creation of public value". With these words, the undersecretary to the Mef, Lucia Albano, speaking on 16 April at a hearing before the parliamentary control committee on social security institutions, defines a change in the approach of the steering committee that deals with the valorisation of public real estate assets, based on data from the national census.

At the centre, an integrated governance led by the Mef itself which, together with Agenzia del demanio, Invimit sgr and Cdp real asset sgr (including the public social security agencies themselves) aims to mobilise public and private capital to create lasting value. How? By intervening on unused or underutilised properties, directing them towards functions of collective interest, overcoming administrative fragmentation and operational delays that still limit their full potential.

The size picture shows the extent of the system. Since 2010, data has been collected on approximately 11 thousand administrations, including more than 7 thousand municipalities. By 2024, more than 3 million properties have been surveyed: about 1.3 million buildings and 1.7 million land. The distribution shows a numerical predominance of buildings for residential and commercial use, which account for about three quarters of the total but only account for 15% of the total surface area; the remaining share concerns buildings for institutional use, such as schools, healthcare facilities, barracks and public offices. Ownership is concentrated in local administrations, which hold about 69% of the building units and 83% of the surface area. Within this figure, municipalities represent the largest component, with 64% of the units and about 61% of the surface area. It is on this level that a significant part of public action is concentrated, with the aim of strengthening administrative and management capacity.

And in this direction, the steering cabin set up by the Mef - operational from 2023 - performs a steering and coordination function in a context characterised by a plurality of subjects and competences. After an initial phase devoted to the collection and organisation of data, the activity is moving towards the simplification of regulations and the definition of operational models. Among the priorities is the construction of tools that allow the territorial authorities themselves to operate with greater autonomy, 'outlining,' comments Albano, 'within the governance system, a concrete reference to respond to the operational needs arising from potential projects or concrete initiatives.

Partnership with private entities is one of the instruments that can be activated, particularly through real estate finance operations based on co-investment. This is the first time that Invimit sgr and Cdp real asset sgr have worked together on real estate not intended for institutional functions. The operations are designed according to criteria of risk, return and impact, in complementarity with the market and in continuity with previous experiences such as the Fondo Investimenti per l'Abitare (Fia).