Through the FIA fund of funds, We invest in the private social housing sector to increase the supply of homes in Italy for rent at subsidised rents and for sale at subsidised prices, complementing the sectoral policies of the state and local authorities.

The aim is to build affordable homes for the so-called “grey sector” of the population, who are unable to meet their housing needs on the market, but whose incomes are above those that qualify them for social housing.

Type: is a closed-end real estate investment trust reserved for qualified investors. It has been operational since 2010 as the national reference fund of the "Integrated Fund System" introduced by the National Housing Plan, as an instrument for financing the construction of social housing, following the approval of the management regulations by the Bank of Italy (Resolution No. 167 of 11 March 2010).

Amount and Investors: the first subscription period of the FIA closed in March 2012. More than €2 billion was raised, of which €1 billion was subscribed by Cassa Depositi e Prestiti, €140 million by the Ministry of Infrastructure and Transport and around €900 million by banking and insurance groups and private pension funds.

Duration: 30 years starting from the fifth year after the start (2010) plus a possible extension of not more than three years.

Scope of action: the AIF invests its assets mainly in units of real estate investment trusts operating in Italy and managed by other asset management companies (AMCs), through participations of up to 80%. Complementary resources are invested by stakeholders in the country.

Fund Governance: Unitholders’ Meeting, the representative body of the fund's unitholders; Advisory Committee, a body set up by the Board of Directors of CDP Real Asset SGR to give its opinion on certain matters specified in the regulations.

Custodian Bank: BNP Paribas Securities Services