Italy's sovereign wealth fund partners with COIMA's flagship Impact Fund to invest in 2026 Winter Olympics Legacy

COIMA SGR, a prominent player in real estate investment, development, and management for institutional investors, has secured €50m from CDP Real Asset to repurpose the 2026 Olympic Village into Italy’s largest dedicated student accommodation complex. The funding comes from Italy’s sovereign wealth fund, facilitated through the National Fund for Sustainable Housing (FNAS), a closed-end alternative investment fund managed by CDP Real Assets. FNAS focuses on backing real estate projects up to €1bn with strong sustainability and social impact objectives.

This investment marks CDP Real Asset's entry into COIMA’s ESG City Impact Fund (COIMA Impact), Italy’s largest urban regeneration fund, which has garnered over €900m from leading Italian institutional investors. The fund, now targeting €2bn, has expanded its scope and is initiating a new round of fundraising activities.

To utilize the €50 million investment for the 1,700-bed student accommodation project at Porta Romana, COIMA will establish a new fund backed by FNAS and the COIMA Housing Fund. Launched by COIMA in March 2023, the COIMA Housing Fund focuses on sustainable living, targeting over €400m with an initial closing of approximately €300m, and is supported by COIMA Impact and Intesa Sanpaolo.

The investment will repurpose the highly sustainable 2026 Winter Olympic Village into high-quality student accommodation post-Games, addressing Milan’s significant shortage of student housing. The broader redevelopment plan for Porta Romana, spearheaded by COIMA in collaboration with co-investors Prada Holding, Covivio, and COIMA Impact, includes social housing, commercial spaces, and landscaped public areas.

COIMA Impact boasts a 5-star GRESB rating, positioning it among the highest-rated sustainable real estate funds globally. The economic impact of COIMA Impact's investments, in conjunction with partnerships, co-investments, and bank financing, has exceeded €2bn, with plans to promote projects worth over €4bn.

The partnership between COIMA SGR and CDP Real Asset underscores a commitment to sustainable and socially impactful real estate investments. By repurposing the Olympic Village into student accommodation, the project aims to address pressing housing needs in Milan while contributing to the city’s urban regeneration efforts.

The collaboration between COIMA SGR and CDP Real Asset signifies a significant step towards sustainable urban development in Italy. The transformation of the Olympic Village into student housing aligns with broader efforts to enhance sustainability and social impact in real estate projects across the country.

Source: Coima