EIF and CDP: Launch of the Co-Investment Program in Social Infrastructure with the iGeneration Fund for Off-Campus Students

The fund managed by Investire SGR is selected as the first investment to develop 2,800 student housing units across Italy
This marks the first initiative under the €300 million co-investment agreement signed by 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 each commit €50 million, with an additional €100 million from national investors and banking foundations

Naples, April 7, 2025 – The €300 million co-investment program signed by the European Investment Fund (EIF, part of the EIB Group) and CDP Real Asset SGR (part of the CDP Group) for the development of social housing infrastructure in Italy officially gets underway. The two institutions have selected the iGeneration fund, managed by Investire SGR (Banca Finnat Group), as the first investment aimed at bridging the gap between demand and supply of housing for off-campus students and young professionals.

The announcement was made today at a press conference in Naples, in the presence of the Hon. Lucia Albano, Undersecretary at the Ministry of Economy and Finance, and Pier Paolo Baretta, Budget Councillor for the City of Naples. Speakers included Marco Marrone, Chief Investment Officer at EIF, Giancarlo Scotti, CEO of CDP Real Asset, and Dario Valentino and Domenico Bilotta, respectively CEO and Managing Director of Investire SGR.

The agreement represents the first national social housing program by the EIF in Europe, establishing a co-investment path between EIF and the Fondo Nazionale dell’Abitare Sociale (FNAS) – a fund of funds managed by CDP Real Asset – dedicated primarily to student and senior housing.

The iGeneration fund aims to develop approximately 2,800 new affordable student housing units across Italy. EIF and CDP Real Asset will each commit €50 million, with an additional €100 million coming from private investors.

In Naples, the first iGeneration project is nearing completion: the student residence in Via Ferraris, set to open this autumn. The project involves the redevelopment of a former office building of over 15,000 square meters into a residence with 500 beds, coworking areas, and dedicated student services.

Beyond Naples, the fund plans to complete ongoing projects in Padua, Forlì (University of Bologna campus), Parma, and Florence within the next two years, while evaluating additional projects in the pipeline.

The iGeneration fund is managed by Investire SGR (Banca Finnat Group) and has FNAS, managed by CDP Real Asset, as its anchor investor. Other investors include financial institutions, regional banking foundations, and national social security and pension funds.

“Supporting the development of social infrastructure for vulnerable groups is one of the strategic priorities of the EIB Group for 2024–2027,” said Marco Marrone, Chief Investment Officer of EIF. “Thanks to the agreement signed last year between EIF and CDP Real Asset, we have selected the iGeneration fund by Investire as our first investment to deliver thousands of affordable housing units for students and young professionals across Italy. Our goal is to provide housing solutions that meet societal needs while promoting sustainability, as the new residences will be built to the highest energy efficiency standards.”

“The co-investment of CDP Real Asset and EIF in the iGeneration fund represents the first tangible step of an agreement that proves the effectiveness of CDP’s social housing model,” said Giancarlo Scotti, CEO of CDP Real Asset SGR. “This partnership confirms CDP’s role as a catalyst of financial resources for initiatives that generate positive local impact through urban regeneration while meeting the investment strategies of institutional stakeholders interested in social housing in all its forms.”

Dario Valentino, CEO of Investire SGR, commented: “We are proud that the iGeneration fund has been selected by CDP and EIF as the first investment under their co-investment program to address the critical issue of student housing. This agreement will allow us to develop around 2,800 new beds in various Italian cities with a strong focus on environmental and social sustainability. Our goal is to support the personal and professional growth of young people by integrating innovative services like coworking spaces and common areas. The Naples project, opening this autumn, is a concrete example of our vision. We remain committed to completing ongoing developments and launching new projects across the country.”