Italy’s SWF invests in Coima’s plan for Milan’s Olympic Village
CDP, the Italian sovereign wealth fund, is investing in Coima’s ESG City Impact Fund to transform the 2026 Winter Olympic Village in Milan into student accommodation after the Games, creating the largest PBSA scheme in Italy.
“We are honoured that Italy’s sovereign wealth fund, Cassa Depositi e Prestiti, has joined Coima’s ESG City Impact Fund as co-investor in the transformation of the 2026 Winter Olympic Village into Italy’s largest student accommodation development”, said Manfredi Catella, Founder & CEO, Coima Sgr.
CDP Real Asset is investing €50 million in the transformation of the Athletes’ Village at Porta Romana into a 1,700-bed residential complex for students. The €50 million investment will see the ultra-sustainable 2026 Winter Olympic Village at Porta Romana transformed into high quality student accommodation after the Games, helping address a major shortage of student beds in Milan.
Coima’s ESG City Impact Fund, the largest urban regeneration fund in Italy, has raised over €900 million from Italian institutional investors. The fund has increased its target size from to €1bn to €2bn and Coima is launching a new round of fundraising.
“The fact that we have raised over €900m from primary institutional investors underlines the value investors continue to place on sustainable urban regeneration that generates strong positive social and economic impact”, said Catella. “We now look forward to the next phase of fundraising for this flagship fund, which is rated 1st place among the GRESB development peer groups in Europe and is one of the most sustainable real estate funds globally.”
The investment by Italy’s sovereign wealth fund has been made through the National Fund for Sustainable Housing (FNAS). FNAS is a closed-end alternative investment fund managed by CDP Real Assets, which aims to promote real estate projects of up to €1bn that have a strong focus on sustainability and social impact.
To deploy the €50 million investment in the 1,700-bed student accommodation scheme at Porta Romana, Coima will establish a new fund, backed by FNAS and the Coima Housing Fund, a closed-end real estate fund dedicated to the sustainable living that was launched by Coima in March 2023 with a target size of more than €400m and an initial scheduled closing of around €300m.
Coima Housing, which focuses on the development of a range of types of social and subsidised housing, as well as the development and operation of student living schemes, is backed by Coima Impact and Intesa Sanpaolo.
The masterplan for the wider regeneration of Porta Romana, being developed by Coima with co-investors Prada Holding and Covivio, comprises housing, including social homes, as well as commercial uses and landscaped public realm, parks and gardens.
Coima Impact has a 5-star GRESB rating and a score that puts it among the highest rated sustainable real estate funds globally. The economic impact generated from investments to date through Coima Impact, together with partnerships, co-investments and bank financing, has exceeded €2bn, with the ultimate goal of promoting projects worth more than €4bn.
