The European Investment Fund (EIF) has partnered with savings management company CDP Real Asset SGR to co-invest €300 mln in social housing projects in Italy.
This is the first national social housing program supported by the EIF, part of the European Investment Bank Group, in Europe.
The agreement will enable the EIF and Fondo Nazionale dell’Abitare Sociale (FNAS), a fund of funds managed by CDP RA, to invest in real estate projects that will contribute to social inclusion and urban regeneration in Italy
The program aims to create 10,000 new student beds in the main university cities and provide housing solutions for self-sufficient elderly people while following strict ESG principles.
EIF chair and EIB VP Gelsomina Vigliotti said: ‘Partnerships such as the one signed with CDP are vital to enable families and students to have access to adequate and sustainable housing. This agreement reinforces the joint commitment to the social welfare of the EIB Group and the CDP Group following the agreement recently signed to build 200 social housing units in the centre of Milan and the €100 mln Social Impact Italia programme, launched in 2017 and now fully deployed.’
CEO and general manager of Cassa Depositi e Prestiti, Dario Scannapieco, added: ‘This new operation confirms once again the CDP Group’s trailblazing role in using the instruments and funds made available by the EU.’
CEO of CDP Real Asset SGR, Giancarlo Scotti, commented: ‘This agreement marks a key step in the implementation of our 2022-2024 business plan. Working alongside a partner such as the EIF confirms the recognition — including at the EU level — of the importance of our system of social housing funds to tackle the housing crisis through urban regeneration and social inclusion.’
The EIF will act as a consultant and co-investor in the program.