EIF and CDP Real Asset launch €300m social housing program in Italy

The European Investment Fund (EIF) and CDP Real Asset SGR have launched their €300 mln Italian social housing co-investment program. 

The first project is a €200 mln investment in the iGeneration fund, managed by Investire SGR, to create 2,800 student beds across Italy, targeting out-of-town students and young professionals.
The EIF and CDP Real Asset are each contributing €50 mln, with another €100 mln coming from private investors. 
This program, the EIF's first national social housing program in Europe, focuses on student and senior housing. iGeneration's first project, a 500-bed student residence in Naples, is nearing completion and will be opened this autumn.
The project involves the redevelopment of a former office building of over 15,000 m2, transforming it into a residence with 500 beds for students, co-working spaces and dedicated services.
Other projects are planned or underway in Padua, Forlì, Parma, and Florence.
Marco Marrone, CIO of the EIF, said: "Supporting the construction of social infrastructure for the most vulnerable groups is one of the EIB Group's strategic priorities for the period 2024-2027. Thanks to the agreement signed last year between the EIF and CDP Real Asset, we have selected Investire's iGeneration fund as our first investment for the construction of thousands of new affordable housing units for students and young professionals across the country. Our aim is to offer housing solutions that respond to the needs of society, while promoting sustainability, as the new student residences will be built according to the highest standards of energy efficiency".
Giancarlo Scotti, CEO of CDP Real Asset SGR, commented: “The co-investment of CDP Real Asset and FEI in the iGeneration fund is the first concrete step of an agreement that demonstrates the validity of the CDP Group’s intervention model in social housing, capable of attracting community resources alongside those of national investors. This agreement confirms the role of catalyst of financial resources played by CDP for the benefit of interventions capable of generating a positive impact on the territory in terms of urban regeneration and at the same time responding to the investment strategies of institutional entities interested in the various declinations of social housing”.
Dario Valentino, CEO of Investire SGR, added: “We are proud that the iGeneration fund has been selected in the CDP and FEI co-investment program as the first investment to address a crucial challenge such as student housing. Thanks to this agreement, we will create approximately 2,800 new beds in various Italian cities with a sustainable approach, both environmental and social, promoting the personal and professional growth of young people through the integration of innovative services such as co-working and common areas. The first project in Naples, which will be inaugurated in the fall, is a tangible example of our vision and we will continue to work with determination to complete the initiatives already started and develop new projects throughout the country”.