Palazzo Marino, Municipality of Milano and Invimit together to start the creation of the housing fund.

Milano, 15 January 2024 – The Municipality of Milano and Invimit SGR, a company 100% owned by the Ministry of Economy and Finance, will sign a document of intent with the aim of carrying out assessments regarding the feasibility and convenience of a project dedicated to enhancement of the residential heritage owned by the Municipality. The municipal council has approved the guidelines that will lead to signature.

The project was born from the need to promote the development and joint management of public and social housing services, starting from the municipal heritage, in order to provide coordinated responses to the needs of citizens and increase the supply of affordable homes to Milano.
The realization of the project is one of the objectives of the plan "A new strategy for the Home, Strategic vision document” approved by the city council, which in any case will have to express its opinion on the possible establishment of a dedicated real estate fund.

By signing the letter of intent, the parties will declare their interest in undertake negotiations and negotiations to then be subjected to evaluation by the respective competent bodies. The advisors appointed by Invimit will conduct due diligence activities under various profiles, including real estate, tax and legal. If successful, the fund can be set up.

It is conceivable that they could be started at this stage market surveys to evaluate the acquisition of new buildings to expand the residential offering. The fund will have among its main functions those of redeveloping and modernizing the municipal assets, at the same time increasing the housing offer with the aim of moving from the current 22 thousand used public housing units and 6 thousand vacant ones to 25 thousand used public housing units and 10 thousand houses to be allocated to affordable housing projects for male and female students.

In the intentions of the Council there is the desire to proceed in a progressive way, with a possible initial contribution of a portion of assets, aimed at verifying the effectiveness of the new instrument for increasing and modernize the social housing offer and affordable housing.

Invimit Sgr, established in 2013 pursuant to art. 33 of Legislative Decree 98/2011, has as its mission the valorisation of public real estate assets. In light of its mission and its nature as an entity entirely owned by the MEF, has Invimit always been very attentive to the social impact of investment initiatives, balancing the economic sustainability of the projects and the need to contribute to responding to the needs of the community?