Unicredit and the Geras 2 Fund have entered into a 12 million euro social impact loan.
Geras 2 is a real estate investment fund managed by Ream, Sgr controlled in turn by Piedmontese banking foundations. It was created with the aim of investing in a diversified portfolio for healthcare, social welfare and tourist accommodation with long-term returns not correlated to the trend of economic cycles and therefore of interest to institutional and pension investors.
The agreement allows for the acquisition of the “i Glicini” Elderly Residence in Bra (CN), managed by the Socialcoop social cooperative, with 92 beds, and a building in via Belfiore in Turin on which a project will be renovation for the construction of a university residence for students of Turin universities, with 350 beds, which will be managed by the company Campus X. The social impact loan will generate financial resources thanks to which the Socialcoop Cooperative will be able to provide up to 2.600 hours of social and home health services to more than 30 elderly people in the area in situations of economic hardship, while Campus X will allow about 15 deserving students in disadvantaged economic conditions to access Student Housing at considerably reduced rates.
“The support for this important real estate transaction – explains Fabrizio Simonini, UniCredit North West Regional Manager – confirms our Group's attention and interest in developing and enhancing the territory in a responsible manner, aiming at the inclusion of disadvantaged categories, and the importance of synergies capable of accompanying exemplary entrepreneurial realities, capable of activating sustainable growth paths”.
