CDP Real Asset, an investment arm of Italian state-owned Cassa Depositi e Prestiti (CPD), is investing €50m alongside Coima’s ESG City Impact Fund to help transform the 2026 Winter Olympic Village at Porta Romana into student accommodation after the games.

The investment is being made by the National Fund for Sustainable Housing (FNAS), a closed-ended fund of funds managed by CDP Real Asset to invest in real estate projects that have a strong focus on sustainability and social impact.

Italian real estate fund manager Coima said it will establish a new fund, backed by FNAS and Coima Housing Fund, a social housing fund backed by Coima’s ESG City Impact Fund and banking group Intesa Sanpaolo.

The €50m investment will be invested into converting “the ultra-sustainable 2026 Winter Olympic Village at Porta Romana” into student accommodation after the games.

The masterplan for the wider regeneration of Porta Romana, being developed by Coima with co-investors Prada Holding, Covivio and the Coima’s ESG City Impact Fund, comprises housing, including social homes, and commercial uses, landscaped public realm, parks and gardens.

Including the latest commitment, the impact fund has raised over €900m from Italian institutional investors, Coima said, adding that it has increased its target size from €1bn to €2bn and is now embarking on a fresh round of fundraising. 

Manfredi Catella, founder and CEO of Coima, said: “We are honoured that Italy’s sovereign wealth fund, CDP, has joined Coima’s ESG City Impact Fund as co-investor in the transformation of the 2026 Winter Olympic Village into Italy’s largest student accommodation development.

“The Coima ESG City Impact Fund has now raised over €900m from primary institutional investors, underlining the value investors continue to place on sustainable urban regeneration that generates strong positive social and economic impacts. We now look forward to the next phase of fundraising.”

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