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Urban regeneration: Near, a player for accessible and sustainable housing, makes its debut

The hub was born from the integration of Redo Sgr and EuroMilano and combines impact finance, real estate development and Esg focus. Ready to respond to the needs of young people, students and workers in Italian cities, starting in Milan

by Real Estate Editor

11 July 2025

3' min read

A new pole that wants to contribute to redefining the future of living in Italy, with a strong focus on innovation, sustainability and social inclusion. Near, an Italian conglomerate dedicated to urban regeneration and sustainable living, was born from the merger between Redo Sgr Società Benefit and EuroMilano. A strategic alliance that aims to extend its activities in the Milanese metropolitan area and other important Italian markets.

Near aims to be a best-in-class ESG (Environmental, Social, Governance) operator, B Corp certified at group level and organised as a Benefit Company, with a strong social and environmental focus. The group intends to offer innovative solutions in key sectors such as Build-to-Sell (BTS), Build-to-Rent (BTR), Affordable Housing and Purpose-Built Student Accommodation (PBSA), meeting the housing needs of young couples, students and workers, categories often excluded from the traditional market for economic reasons.

The birth of Near represents the consolidation of a national pole that integrates mature financial expertise, a decades-long track record in urban regeneration, and a concrete commitment to social and environmental sustainability. Under the new corporate structure, Redo SGR will become Near Sgr, focusing on fund management, investment and asset management, while EuroMilano will take on the name Near Res, focusing on real estate development and the management of innovative initiatives.

The capital of the holding company Near is now held by a group of leading institutional investors such as Fondazione Cariplo, Intesa Sanpaolo, Fondazione Monte di Lombardia, Cassa Forense, Kryalos Sgr and Cooperativa Lum. These shareholders formally applied to the Bank of Italy for a corporate reorganisation to complete the restructuring and consolidate the new entity.

"We are interested in creating accessible, quality solutions for young couples, students and people who are at the heart of the city's functioning, spaces that strengthen the community and offer new opportunities," explains Giovanni Azzone, President of Fondazione Cariplo, which has always been committed to access to housing as a social priority and has invested more than EUR 160 million in social housing and urban regeneration funds, creating 6,500 beds and flats for the most acute social needs.

Intesa Sanpaolo also confirms its commitment to the project, pointing out that "the extent of our investment in the capital of the Near Group holding company demonstrates our strong interest in the consolidation of a reality capable of combining attention and commitment, in social and environmental terms, to the communities in which it operates, to public bodies and administrations, to operators and companies in the sector and to financial institutions," explains Flavio Gianetti, Chief Equity, Legal & M&A Officer of Intesa Sanpaolo.

Cooperativa Lum, with its mission to provide affordable housing for workers, sees in Near an effective tool to address the challenges of housing sustainability both economically and environmentally. President Vincenzo Barbieri said: 'In this new organisation we can create the conditions to meet the housing needs of workers in Milan, who are currently excluded from market costs because they are incompatible with their incomes.

Near fits into an Italian context where urban regeneration represents a fundamental lever for the sustainable transformation of cities. Successful projects such as Redo's Aria Ex Macello and EuroMilano's UpTown testify to the ability to combine housing quality and social impact. Near's integrated approach, which combines impact finance, real estate development and urban regeneration, is proposed as a replicable model for other Italian urban areas, helping to improve the quality of life and promote environmental resilience.

At a time when Italian cities face challenges related to tight budgets and growing social needs, Near acts as a partner for public authorities, financial institutions and real estate operators engaged in the responsible and sustainable transformation of cities.

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