Coima’s CDP Real Asset-backed Milan Olympic Village fund is investing around €200m in a 1,700-bed student accomodation project.
The newly launched Coima Olympic Village Fund (COVF), backed by the Italian sovereign wealth fund – through the National Fund for Sustainable Housing (FNAS) – is investing the capital to develop the 2026 Olympic Village at Porta Romana into Italy’s largest purpose-built student accommodation development after the Games.
As previously reported, CDP Real Asset committed €50m alongside Coima’s ESG City Impact Fund to help transform the 2026 Winter Olympic Village after the Games.
COVF is also backed by the Coima Housing Fund, a social housing fund backed by Coima’s ESG City Impact Fund and banking group Intesa Sanpaolo.
Manfredi Catella, founder and CEO of Coima, said: “The formation of this fund is the next step in realising our ambitions for one of the most sustainable Olympic Villages ever created. We are delighted that Italy’s sovereign wealth fund, Cassa Depositi e Prestiti, through the National Fund for Sustainable Housing, has invested in the eventual transformation of the 2026 Winter Olympic Village into Italy’s largest student accommodation development following the Games.
“This important development will ensure the long-term legacy of the Milano Cortina Winter Olympics and will help tackle the shortage of student housing in Milan, while giving impetus to the wider regeneration of Porta Romana.”
Coima said the acquisition of the Olympic Village and the development plan will be financed by a pool of banks made up of Intesa Sanpaolo, Istituto per il Credito Sportivo e Culturale and Crédit Agricole Corporate and Investment Bank, which will support Coima through a green loan of over €100m.
To read the latest IPE Real Assets magazine click here.
