CDP SMART HOUSING INVESTMENT PLATFORM (EIB-20160356)

Countries
  • Italy
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Sectors
  • Education and Health
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ EIB website

Updated in EWS Feb 16, 2018

Disclosed by Bank Jun 6, 2017


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Project Description

According to EIB website, the operation concerns an equity/quasi-equity investment in an investment platform jointly with Cassa Depositi e Prestiti S.p.A. (CDP), the Italian promotional bank. This investment platform will be structured as a reserved closed-end alternative investment fund, the Fondo Investimenti per l'Abitare 2 (FIA-2), which will be managed by CDP Investimenti SocietA di Gestione del Risparmio (CDPI Sgr), a company held by CDP. The fund's investment strategy will focus on smart housing, smart working, education and innovation. This encompasses social/affordable housing, residential housing, student residences, education facilities, flexible working spaces for start-ups and small and medium-sized enterprises (SMEs) and upgrading of public spaces and services (e.g. sport facilities, public parks, open spaces, commercial areas, etc.). The fund will invest both through sub-funds (with a fund-of-funds structure) and with direct investments. Other investors in the fund will be the CDP, banking foundations and other institutional investors such as pension funds and possibly commercial banks. No European Structural and Investment Funds (ESIF) resources are expected to be invested in the fund. The potential use of ESIF resources at the sub-fund and project level will be assessed during appraisal.

The fund's investments will result in the provision of new and refurbished social/affordable housing for lower income households and people whose income is higher than the eligibility threshold for social housing but insufficient to afford a market rent. At the same time, the fund's investments will contribute to the improvement of public spaces and services through the provision of sport facilities, student residences, public parks, commercial areas and innovation centres, thus having a significant impact in terms of urban regeneration. The fund's investment strategy is expected to cover both less developed and more developed regions in Italy, although the share of investments directed to less developed regions will be assessed during appraisal.

For this project, it will be requested to comply with applicable national and EU legislation on environmental and social standpoint, as appropriate.

Investment Description
  • European Investment Bank (EIB)
Contact Information

No contact information provided at the time of disclosure.

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