Invimit Sgr to invest 90 million to create 400 affordable homes

The aim is to act in line with the Government’s Housing Plan, under which Invimit is to incorporate me into the second pillar, the one dedicated to social housing. However, whilst the MEF’s asset management company awaits the regulations to give the go-ahead for the full implementation of the plan and the Housing Cohesion Fund, it is continuing its work in connection with the REgenera Mission. Following a proposal from a leading asset management company, Invimit is launching a new project to build 400 homes in five different Italian cities. Specifically, this involves 1,000 beds spread across five properties located in Padua – in the former Romagnoli Barracks, which will provide 300 homes – Novara (Via Monteverdi, 25 homes), Turin (Via Bligny, 17 units), Cremona (Via Dante, 29 units) and Forlì (Piazzale Vittoria, 29 units).

The operation is divided into three phases. The first involves an investment by the i3 MEF Fund, managed by Invimit and wholly owned by the MEF, which will subscribe to units in the new fund for approximately €39 million. This investment comes on top of the €170 million already invested by the i3 Fund on 30 December last year to subscribe to units in other funds.

The second phase, on the other hand, will involve the participation of further qualified investors, with a contribution of at least 50 million, whilst the third phase consists of the transfer or sale to the new fund of five properties belonging to funds managed by the proposing asset management company. Taking into account the financial resources already earmarked, the transaction will therefore mobilise almost 90 million in new investment, to which must be added the value of the five properties transferred to the fund.

The initiative forms part of the programme promoted by the Ministry of Economy and Finance, through the Department of Economy, and by the Steering Committee for Public Property, with the aim of developing a public-private co-investment model capable of attracting private capital and strengthening the impact of investments in the public interest. In the coming days, Invimit will publish a market notice to invite any improved bids, which must comply with the terms of the transaction.

The new fund will invest in affordable housing projects aimed at people experiencing housing difficulties or belonging to vulnerable social groups, who are unable to access the rental market due to limited financial means. The scheme will be aimed primarily, though not exclusively, at public sector workers, with a particular focus on healthcare staff, such as nurses, social and healthcare workers, junior doctors and doctors undergoing specialist training.