In three years the goal is to have more 5 billion euros of assets under management for total real estate investments generated in the area equal to 10 billion. It is of this consistency of the program that the Cdp Group expects to achieve with the management of real estate and infrastructure funds.
To take charge of this program is CDP Real Asset SGR, the company headed by Giancarlo Scotti who today in Milan, together with the Chairman of Cassa Depositi e Prestiti, Giovanni Gorno Tempini and to the Chief Executive Officer Dario Scannapieco, presented the guidelines of the Strategic Plan, "in the wake of the CDP Group Plan which identifies the SGR as the pole dedicated to fund and asset management activities in the real asset sector" says the company.
There are 4 guidelines for the lines of intervention
The strategic lines of intervention, which enhance a unique heritage of skills in the panorama of Italian real estate SGRs, move in 4 directions: the development of infrastructures social housing, the redevelopment of abandoned public property, support to tourism sector, the growth of market infrastructure Italian.
"The development guidelines of CDP Real Asset are based on the principles of complementarity and additionality that characterize the Group's strategy with respect to the market" he said Scotti. “By leveraging our DNA as enablers of social housing programs and redevelopment projects for abandoned former public buildings, we will contribute to responding to some of our country's main challenges such as the offer of new student beds; the implementation of important urban redevelopment projects, also in support of the needs of the public administration; the improvement of the tourist offer; and the development of the infrastructure sector.
These activities will also be achieved thanks to a strong focus on ESG (Environment, Sustainability, Governance) investments and the role of CDP Real Asset as a catalyst for Italian and European financial resources.
"Our work has, as a common denominator, on the one hand the attention to compliance with high standards in terms of ESG and on the other the objective of catalysing private and community resources to maximize the impact of our intervention" adds Scotti. “We therefore represent a unique reality on the national panorama of asset management companies, combining the use of capital over a long-term time horizon with the pursuit of financial sustainability of investments and the generation of positive impacts on the territory”.
Social, Student and Senior housing: the 3S for social infrastructures
“3S are the basis of the investment strategy of the two funds dedicated to social housing managed by CDP RA” said Scannapieco during the press conference. "The goal is to promote interventions with a high social impact on the territory in the areas of Social, Student and Senior housing".
The Company was a pioneer in supporting social housing through the FIA (Fondo Investimenti per l'Abitare), the fund of funds launched in 2010. The FIA has used 2 billion euros of its own resources and activated a further 2 billion of third-party resources in the territories, for a program of around 250 initiatives which aims to construction of 19.000 social housing and 7.000 beds in temporary and student residences, through a network of 29 funds managed by nine asset management companies. An example is the recovery of the Olympic Village in Turin which had been subjected to abusive use and has now been redeveloped and returned to social use.
Based on the CDP Strategic Plan, the Fondo Nazionale Abitare Sociale (FNAS) joins the FIA “to replicate the virtuous model of collaboration between public and private subjects. Among these, a leading role is played by banking foundations” says the company.
The investment target is one billion euros, to be achieved also thanks to the involvement of European resources, in particular the European Investment Fund (EIF, the EIB Group), with which a working table was set up, as part of a broader agreement between the CDP groups and European Investment Bank. Among the objectives of this first phase of investments is the contribution to the creation of around 10 new beds for students in the university towns and the launch of the offer of housing solutions for self-sufficient elderly people.
Enhancement of former public buildings: focus on urban regeneration
“The CDP Group has for years been committed to enhancing its real estate portfolio, mainly of public origin, through the recovery and redevelopment of structures, with a positive impact for the Public Administration, individuals and the local area, guaranteeing the highest standards in terms of quality and energy efficiency” says Cdp.
I redevelopment projects overall concern more than one million square meters, distributed throughout the national territory, for investments of around 1,5 billion euros, with important impacts in terms of related activities and employment.
Mentioned were the redevelopment of the Finance Academy in Bergamo, the Cavallerizza Reale in Turin, the Florence factory and the Ysl factory in Scandicci, the former Guido Reni barracks in Rome.
Tourism: enhancement of accommodation facilities and support for the growth of managers
In the Tourism sector, the CDP RA strategy is based on two directives of intervention:
redevelop accommodation facilities that require significant investments, through acquisition and subsequent valorisation operations, in partnership with the operators selected for subsequent management and support the growth of the managers by providing them with the financial resources against the acquisition of ownership of the real estate assets needed to support growth programs.
The will be used for this purpose National Tourism Fund, in which CDP is a co-investor with the Ministry of Tourism, which has an investment program of over 1 billion euros in about 40 structures, for over 6.000 rooms.
Furthermore, CDP RA, as "implementing entity", will complete by 2025 the acquisition, redevelopment and start-up program of the hotel management for at least 12 assets, using the 150 million provided for under the specific measure of the PNRR.
Cdp is in line with the times of the Pnrr. Aid in Emilia Romagna
The president of Cassa Depositi e Prestiti wanted to underline the timing with respect to the Pnrr. Regarding the theme of the Pnrr, "as Cdp, together with the competent ministries, and with the Ministry of Tourism in particular, we are not only doing our part, but we are also in line with the time objectives that the country has set with the EU for the grounding of the funds” said Gorno Tempini speaking via video link at the press conference and added: “I would like to express the closeness and participation of Cassa Depositi e Prestiti for what is happening in Emilia Romagna. And, as has already happened in other situations of natural disasters, the cash register will not fail to provide support. In the next few days, in agreement with the Regions, we will set up aid initiatives for the areas affected by this natural disaster".
Infrastructure: growth of the market for asset managers and infrastructure funds with an ESG focus
Cdp Ra has recently launched il FOF Infrastrutture, the leading Italian fund of funds in the infrastructure sector, with a target of 500 million euro, of which 300 have already been subscribed.
“In a sector that is still underdeveloped in Italy, the fund was born with three goals main objectives: encouraging the growth of funds active in the sector, also by supporting newly established asset managers and vehicles; reduce the gap with the other main economies, directing investments towards the development of sustainable infrastructures and attracting the resources of institutional investors in favor of projects with real impacts on the territory” says Cdp. And Scannapieco specified: “the Italian territory is also highly appreciated by foreign investors and arouses much more interest than it might seem”.
“Through selective investment in alternative investment funds, key sectors for our economy such as the energy and digital transition, the circular economy and renewable energies will be supported”.
