EIF and CDP launch co-investment program in social infrastructure with the iGeneration fund for students

The fund managed by Investire SGR was chosen as the first investment to develop 2,800 student accommodations across the country.

The project is the first under the €300 million co-investment agreement signed between the EIF and CDP Real Asset for the development of social housing infrastructure in Italy.

The European Investment Fund and the CDP Group's asset management company are committing €50 million each, in addition to the resources of national investors and banking foundations for another €100 million.

Naples, April 7, 2025 – A €300 million co-investment program has been signed between the European Investment Fund (EIF, part of the EIB Group) and CDP Real Asset SGR (CDP Group) for the development of social housing infrastructure in Italy. The two institutions have selected the fund iGeneration by Investire SGR (Finnat Bank Group) as the first investment operation to bridge the gap between supply and demand for accommodation for out-of-town students and young professionals.

The announcement was made today during a press conference in Naples – in the presence of Lucia Albano, Undersecretary of the Italian Ministry of Economy and Finance, and Pier Paolo Baretta, Councillor for the Budget of the Campania capital, Marco Marrone, Chief Investment Officer del FEI, Giancarlo Scotti, CEO of CDP Real Asset, Dario Valentino and Domenico Bilotta, respectively CEO and Managing Director of Investire.

The agreement represents the EIF's first national social housing programme in Europe and defines a co-investment path between the EIF and the National Social Housing Fund (FNAS), a fund of funds managed by CDP Real Asset SGR, an asset primarily dedicated to the "two S" of social housing: student and senior housing.

iGeneration plans to build approximately 2,800 new beds at subsidized rates in Italy. Specifically, FEI and CDP Real Asset are committing €50 million each, with an additional €100 million from private investors¹.

In Naples the first project launched by iGeneration, the student residence on Via Ferraris, will be completed soon. The project involves the redevelopment of a former office building spanning over 15,000 square meters, transforming it into a residence with 500 student beds, coworking spaces, and dedicated services.

In addition to Naples, in the next two years the Fund plans to complete the other initiatives already underway in Padua, Forlì (University of Bologna campus), Parma and Florence – and to launch further projects in the analysis phase.

iGeneration is managed by Investire SGR (Finnat Bank Group), the fund's anchor investor is the FNAS fund, held by CDP Real Asset SGR. Other shareholders include financial institutions, local banking foundations, and national pension funds and institutions².

“Supporting the construction of social infrastructure for the most vulnerable groups is one of the EIB Group's strategic priorities for the 2024-2027 period. 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" declared Marco Marrone, Chief Investment Officer of the EIF. "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 energy efficiency standards”.

“The co-investment of CDP Real Asset and FEI in the iGeneration fund is the first concrete step in 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” stated Giancarlo Scotti, CEO of CDP Real Asset SGR. "This agreement confirms CDP's role as a catalyst for financial resources for projects that can generate a positive impact on the local area in terms of urban regeneration and, at the same time, meet the investment strategies of institutional entities interested in the various facets of social housing”.

Dario Valentino, CEO of Investire SGR, commented: “We are proud that the iGeneration fund has been selected by the CDP and EIF co-investment program as the first investment to address the crucial challenge of student housing. Thanks to this agreement, we will create approximately 2,800 new beds in several Italian cities with a sustainable approach, both environmentally and socially, fostering 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 open this fall, is a tangible example of our vision, and we will continue to work with determination to complete the initiatives already underway and develop new projects throughout the country”.

¹ The EIF's investment will be finalized following the positive outcome of the checks by Consob in agreement with the Bank of Italy, pursuant to Article 43 of Legislative Decree no. 58 of 24 February 1998 of the TUF.

² The fund is a financial product whose investment strategy is socially responsible and sustainable pursuant to Article 8 of the EU SFDR (Sustainable Finance Disclosure Regulation), as it contributes to creating positive social and environmental impacts.