The Fondo Investimenti per l’Abitare (FIA) was founded by CDP Real Asset SGR S.p.A. on 16 October 2009.
The management regulation was approved by the Banca d’Italia with resolution No.167 of 11 March 2010.
Type: closed-end property investment fund reserved for qualified investors.
Mission: investments in the private social housing sector to increase the supply of social housing for rent at affordable rents and sales at discounted prices in Italy, in support and integration of state and local authority sector policies. The goal is to create affordable homes for families that are unable to meet their housing needs on the free market, but with higher incomes than those that qualify for council housing (the so-called grey population).
Amount: 2.28 million Euro, of which 1 billion subscribed by CDP, 140 million Euro by the Ministry of Infrastructure and Transport and 888 million Euro by banking and insurance groups and private pension funds.
Duration: 30 years, starting from the fifth year following the first subscription of the Fund(2010), plus any extension not exceeding three years.
Scope of action: Italy. The FIA invests its assets principally in units of property investment trusts operating locally and managed by other asset management companies, through investments of up to 80%. This limit is intended to encourage investment by third parties in the territory in relation to the Fund, while allowing the FIA to maintain a significant presence in the individual initiatives.
Performance target: approximately 3% over inflation, generated by a coupon flow from the rental of buildings and from the revaluation at maturity at the time of their sale.