EIF and CDP: Social infrastructure co-investment programme kicks off with iGeneration fund for students living away from home

Naples, 7 April 2025: The €300 million co-investment programme signed between the European Investment Fund (part of the EIB Group) and CDP Real Asset SGR (CDP Group) to develop social housing infrastructure in Italy has been launched. The two institutions have selected the iGeneration fund of Investire SGR (Banca Finnat Group) as the first investment operation to bridge the gap between supply and demand for housing for students living away from home and young professionals.

This was announced today at a press conference in Naples in the presence of Lucia Albano, Undersecretary at the Ministry of Economy and Finance, Pier Paolo Baretta, Councillor for Budget of the capital of the Campania Region, Marco Marrone, Chief Investment Officer of the EIF, Giancarlo Scotti, CEO of CDP Real Asset, Dario Valentino and Domenico Bilotta, CEO and Managing Director of Investire, respectively.

The agreement is the EIF’s first national social housing programme in Europe and sets out a co-investment path between the EIF and Fondo Nazionale dell’Abitare Sociale (FNAS), a fund of funds managed by CDP Real Asset mainly dedicated to the ‘two S’s’ of social housing: student and senior housing.

iGeneration provides for the construction of around 2 800 additional places for housing at reduced rates in Italy. In concrete terms, the EIF and CDP Real Asset are each committing €50 million, in addition to €100 million from private investors.[1]

In Naples, meanwhile, work will soon be completed on the first construction site established by iGeneration, the student residence in via Ferraris, which will be inaugurated next autumn. The project involves the redevelopment of a former office building of over 15 000 m², transforming it into a residence with 500 places in student housing, coworking spaces and dedicated services.

In addition to Naples, over the next two years the fund plans to finalise further initiatives already under way in Padua, Forlì (University of Bologna campus), Parma and Florence – and to launch further projects currently at the analysis stage.

iGeneration is managed by Investire SGR (Banca Finnat Group) and has as its anchor investor the FNAS fund, managed by CDP Real Asset. The other shareholders are financial institutions, local foundations of banking origin and national providence funds and institutions.[2]

“Supporting the construction of social infrastructure for the most vulnerable groups is one of the EIB Group’s strategic priorities for 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 maiden investment to build thousands of new affordable housing units for students and young professionals across the country. Our goal is to offer housing solutions that meet the needs of society, while promoting sustainability, as the new student residences will be built to the highest standards of energy efficiency,” said Chief Investment Officer of the EIF Marco Marrone.

“The co-investment of CDP Real Asset and the EIF in the iGeneration fund is the first concrete step in an agreement that shows the validity of the CDP Group’s social housing operating model, which can attract Community funds alongside those of domestic investors. This agreement confirms CDP’s role as a catalyst for financing operations that can generate a positive impact in Italy in terms of urban regeneration, and at the same time respond to the investment strategies of institutional entities concerned with the various forms of social housing,” said CEO of CDP Real AssetSGRGiancarlo Scotti.

“We are proud that the iGeneration fund has been selected for the CDP/EIF co-investment programme as the first investment to address such a key challenge as student housing. Thanks to this agreement we will create around 2 800 additional places for housing in various Italian cities using a sustainable approach, both environmental and social, promoting the personal and professional growth of young people through the integration of innovative services such as coworking and common areas. The first project in Naples, which will be inaugurated in the autumn, is a tangible example of our vision and we will continue to work with determination to complete the initiatives already launched and develop new projects across the nation,” said CEO of Investire SGR Dario Valentino.

The European Investment Fund (EIF) is part of the European Investment Bank Group (ElBG). Its central mission is to support Europe’s micro, small and medium-sized businesses by helping them to access finance. The EIF develops venture and growth capital instruments, guarantees and microfinance instruments specifically targeted at this market segment. In this role, the EIF promotes EU objectives supporting innovation, research and development, entrepreneurship, growth and employment

CDP Real Asset SGR is an asset management company whose capital has, since its establishment, been 70%-held by CDP Spa and 30%-held in equivalent shares by ACRI and ABI, respectively. It manages closed-end alternative investment funds reserved for professional investors in the following four sectors:

• Social housing: FIA – Fondo Investimenti per l’Abitare, FNAS – Fondo Nazionale dell’Abitare Sociale, and Fondo Nazionale dell’Abitare (with a guarantee from the InvestEU Programme);

• Property redevelopment: IVF – Fondo Investimenti per la Valorizzazione, and Fondo Sviluppo;

• Support for the tourism and hospitality sector: FNT – Fondo Nazionale del Turismo;

• Green infrastructure development: FoF Infrastrutture

Investire SGR, part of the Banca Finnat Group, is a leading asset management company in the Italian real estate market, with around €7 billion of property under management and a specialised team of 140 professionals with vast experience in the real estate sector (offices, residential, retail, healthcare, hotels and logistics). Investire offers fund management, asset management, advisory, acquisition and development services and is a partner of Italian and international institutional investors. In the residential sector, the company has around €3 billion in assets under management using different styles of management (development, split sales and long-term management) for all types of living accommodation and student housing.

[1] The EIF’s investment will be completed following the positive outcome of checks conducted by Consob in agreement with the Bank of Italy, within the meaning of Article 43 of Legislative Decree No 58 of the TUF (Consolidated Law on Finance) of 24 February 1998.

[2] The fund is a financial product whose investment strategy is socially responsible and sustainable within the meaning of Article 8 of the EU SFDR (Sustainable Finance Disclosure Regulation), as it helps generate positive social and environmental impacts.