Fondo Nazionale del Turismo

CDP Real Asset SGR

Through the Fondo Nazionale del Turismo, we provide funding to unlock growth in Italy’s hospitality sector, facilitating the deconsolidation of Italian hotel chains and enabling the general improvement of accommodation facilities.

Asset

Rooms

%

South and Islands

450 € Mln committed resources

Type: established in October 2014 and in operation since July 2016, Fondo Nazionale del Turismo (FNT) is a closed-end real estate fund-of-funds reserved for professional investors, which invests its resources in units of real estate-type AIFs dedicated to tourism. It consists of two sub-funds, A and B

Subscribers: CDP and Ministry of Tourism

Duration: the duration of the Fund is set at 20 years from the date of commencement of operations

Scope of action: property located on the territory of the Italian Republic

Governance of the Fund: 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

Sub-Fund A

Sub-Fund A of the Fondo Nazionale del Turismo supports the growth of hospitality sector in Italy facilitating the deconsolidation of Italian hotel chains through sales & lease-back operations and enabling the general improvement of accommodation facilities with a focus on sustainability, technology and customization of the experience.

Subscribed resources: €650 million, of which €500 million by CDP SpA and €150 million by the Ministry of Tourism

Sub-Fund A is divided into two funds: FT1 and FT2
Both managed by CDP REAL ASSET SGR.

	FT1	FT2
Strategic focus	Acquisition of accommodation facilities in need of major investment with a relevant impact on domestic economies and in partnership with selected operators	Real estate deconsolidation aimed to provide them with the financial resources, through sales & lease-back operations, to be reinvested in their growth
Operation	Acquisition of hotel assets already built or under construction, to be refurbished/revamped Touristic destinations/areas with a upside potentials (e.g. Southern Italy / mountains) Co-investment by the hotel chains	Acquisition of hotel assets already built and in operation Consolidated destinations/areas Sale & lease-back operation with a commitment of the hotel chains to reinvest the proceeds of the sale Long-term partnership agreements with hotel chains aimed at supporting their growth

Sub-Fund B

Through Sub-Fund B of the Fondo Nazionale del Turismo (National Tourism Fund), managed by CDP REAL ASSET SGR, we use NRRP funds to acquire and renovate Italian hotel structures with the aim of protecting, upgrading and making competitive our country's tourist accommodation heritage.

Type: In order to channel the NRRP funds allocated to support the recovery of the Italian tourism sector, the FT3 Fund was created, a closed-end real estate investment fund reserved for professional investors. FT3 invests its assets in real estate or real estate rights, including through investments in real estate companies, in the tourism, hotel, general accommodation and leisure sectors

Resources: €150 million NRRP from the Ministry of Tourism

Duration: the duration of the Fund is set at 14 years from the start of operations of the FNT, until 31 December 2036

Scope of action: property located on the territory of the Italian Republic

How it works: The funds are allocated to the purchase and renovation of at least 12 properties by 31-12-2025, with a view to sustainability and digitalisation. Investments are also targeted at the most economically disadvantaged areas or at secondary areas where the aim is to promote the development of tourist flows. A market consultation process is used to select the properties.