iGeneration: bridging the student housing gap

“The European average offer of student beds is around 30% of the demand. In Italy, it’s only 4–5%,” says Paolo Boleso, Head of Residential & Social Infrastructure at Investire SGR. “It’s been a dormant problem for generations – in fact, our project in Naples is the first professional student housing development in the city.”

Student housing in Naples

Paolo works with the iGeneration fund, an initiative from Investire, an independent asset management company that aims to bridge the gap between demand and supply of accommodation in the university and professional sectors.

“The iGeneration fund began with the recently completed project in Naples, which now provides 500 beds in a refurbished building near the train station and university,” explains Paolo. “The project addresses the needs of the University of Naples Federico II – a large institution with 130,000 students, 30% of whom are non-residents.”

The refurbishment in Naples was completed in September 2025, just in time for the new academic year. The project converted an old office complex into student housing, aligning with Investire’s focus on brownfield projects.

“One of our aims is to find sites where refurbishing existing buildings is feasible from an urban planning perspective,” says Paolo. “At the same time, we have expertise in coordinating entire projects with managers who can effectively navigate the regulatory and administrative hurdles.”

Tackling the housing crisis

While housing challenges exist across both the EU and Italy, Paolo notes that institutional investor interest in this issue has grown significantly in recent years. The EIF has invested 25% into the iGeneration fund, and the sector is receiving the institutional boost it needs. “Italy’s National Recovery and Resilience Plan (PNRR) has allocated €1 billion to increase student housing,” explains Paolo.

The project also has a significant social dimension: “Ultimately, we want to respond to the societal concern in Italy around housing,” says Paolo. “Increasing the supply of student housing improves the ranking of Italian universities and their ability to attract both foreign students and Italians from other regions, while also encouraging young people to stay here in Italy.”

We plan to build similar housing infrastructure in Padua, Parma, Brescia, Forlì, Florence, and Piacenza. ”

- Paolo Boleso, Head of Residential & Social Infrastructure at Investire SGR

"We are also scouting further opportunities, especially in southern Italy.” Paolo explains that suitable projects must meet the fund’s IRR target of 3% plus inflation, be located near universities, involve brownfield transformations of existing buildings, and demonstrate energy efficiency, with collaboration from local authorities and universities.

“Finding a good location is one of the most difficult things,” he adds with a smile. “Then there's the management of the urbanistic process and coordination of the whole project...”