The pension fund of the Intesa Sanpaolo group has decided to invest in care homes for the elderly. This was established by the board of directors of the Pension Fund which for the first time allocated an initial tranche of 30 million out of the total 45 million approved. The investment will concern the Healthcare Residences (RSA), a market followed by institutional investors due to a series of changes that have occurred within the socio-economic structures that determine an increase in demand from target customers and interest from sector operators:
- the progressive aging of the population;
- the difficulties of the "family" in reconciling the demands of their own lives with the needs of their aging parents;
- the need for modern and qualified structures in the face of complex problems;
- the growing difficulty of managing/modernizing existing structures by public bodies.
The Healthcare Residences, recalls a press release from the banking group, are structures in which social-welfare activities are carried out for self-sufficient and non-self-sufficient elderly people, with medical, nursing and medium-level rehabilitation assistance. The new real estate investments have been instrumental in the strategy of asset allocation managed by the Pension Fund, consistently with the overall availability of assets for alternative investments, in the sectors involved.
The selection procedure was carried out with the consultancy of the real estate advisor Deloitte Financial Advisory Srl, through a procedure of beauty contest. The information requested from managers was analyzed to understand the characteristics of the product and assess its consistency with the guidelines identified with an evaluation approach, making use of four macro areas (Manager, Vehicle, Portfolio and Performance).
According to the criteria, the offers and the terms established, a selection was made which led to the identification of three managers, Ream Sgr, Investire Sgr and Numeria Sgr. As a further initiative established for the benefit of Intesa Sanpaolo employees, the Pension Fund is contacting the managers of the RSAs to try to activate agreements in favor of the members.
