Manifattura tabacchi Firenze: social housing project works launched

By summer 2027, 39 new apartments will be available for rent at a subsidized rate agreed upon with the Municipality of Florence

 

The project, with a total value of 9 million euros, is promoted by Manifattura Tabacchi, a joint venture established by Aermont Capital and CDP Real Asset SGR.

Once construction works are completed, the building will be purchased by the Fondo Housing Toscano managed by Investire SGR, whose main investor is CDP Real Asset, with the support of Fondazione CR Firenze, Regione Toscana, and local banking foundations.

The investment amounts to nine million euros, eight million euros of which come from Fondo Piani Urbani Integrati S.r.l., a company managed by Equiter specializing in the allocation of PNRR funds for urban regeneration.

The intervention is part of the broader urban regeneration project of Manifattura Tabacchi, which is transforming 110,000 sqm of a former industrial complex into a new contemporary neighborhood open to the city.

 

Florence March 2, 2026 – The social housing initiative of Manifattura Tabacchi Firenze, which will be built in via Giuseppe Tartini next to the Puccini Theater, was presented today in Florence.

The intervention completes the largest urban regeneration project ever carried out in Florence, which has transformed the former production site of the Monopoli di Stato (active from 1933 to 2001) into a contemporary neighborhood where innovation, memory, art, and new forms of living coexist and merge under the banner of excellence, inclusion, and sustainability. The entire area involved in the regeneration project spans 110,000 sqm, of which this initiative represents a significant part dedicated to social housing.

The presentation conference, held at the Auditorium of the Fondazione CR Firenze, was attended by:

  • Regione Toscana: President Eugenio Giani and Councilor Alessandra Nardini;
  • Comune di Firenze: Mayor Sara Funaro and Councilor Nicola Paulesu;
  • CDP Real Asset SGR: Livio Cassoli, Head of the Housing Investment Fund;
  • Fondazione CR Firenze: Maria Oliva Scaramuzzi, Vice President;
  • Equiter Spa: Alberto Maria Barberis, Business Development Manager;
  • Investire SGR: Paolo Boleso, Head of Residential & Social Infrastructure;
  • Manifattura Tabacchi: Giovanni Manfredi, Managing Director of Aermont Capital and CEO of M.T. – Manifattura Tabacchi.

The project – promoted by Manifattura Tabacchi SPA, a joint venture formed by the Earth Grafton fund managed by Aermont Capital and the Sviluppo Fund managed by CDP Real Asset SGR – is designed by the Milanese architecture firm Piuarch. It involves the construction of 39 new housing units totaling 2,657 sqm dedicated to subsidized rentals, for a total investment of 9 million euros. Out of this amount, 8 million euros come from Fondo Piani Urbani Integrati S.r.l., a vehicle company for which Equiter acts as exclusive advisor and Intesa Sanpaolo as sole shareholder, dedicated to deploying PNRR resources for urban regeneration projects across the 14 Italian Metropolitan Cities.

This operation is part of the Integrated Urban Plans Fund (Fondo PUI) framework, funded by the PNRR and managed by the European Investment Bank (EIB), with Equiter among the selected intermediaries for its implementation.

The property will be built by summer 2027 and, once completed, will be acquired by the Fondo Housing Toscano, managed by Investire SGR. Its primary investor is the Fondo Investimenti per l'Abitare (FIA) managed by CDP Real Asset SGR (CDP Group), backed by Fondazione CR Firenze, Regione Toscana, and the main local banking foundations.

The intervention provides a tangible response to the growing difficulties faced by families and young couples trying to access the free housing market within a new central hub of the city like Manifattura Tabacchi. The newly constructed seven-story building will house a total of 27 three-room apartments and 12 two-room apartments. According to the agreement signed with the Municipality of Florence, the rent will match current Territorial Agreements discounted by 20% for the first twelve years. At the end of this period, the apartments will enter the free market, offering current residents the opportunity to buy them under advantageous conditions. Beneficiaries will be selected by the Municipality following verification of specific requirements1.

The Manifattura Tabacchi Firenze initiative confirms Fondo Housing Toscano's effective contribution to sustainable living, with an investment program exceeding 150 million euros, through which more than 1,200 social housing units have been built in Tuscany. Social management is entrusted to Abitare Toscana srl.

 

1 Primary residence or place of employment within the Municipality of Florence; a family household ISEE value between 16,500 and 35,000 euros; and no ownership of other apartments within the municipal territory by any household member.