CDP Investimenti Sgr is an asset management company formed on February 24, 2009 by Cassa depositi e prestiti Spa, together with ACRI-Association of Foundations and ABI-Italian Banking Association.
CDP Investimenti Sgr capital is owned 70% by the Cassa depositi e prestiti and 15% each from ACRI and ABI.
CDP Investimenti Sgr manages:
– the “investment facility for the living” (FIA) devoted to social housing
– the “investment facility for Redevelopment” (FIV) dedicated to the enhancement of public goods.
The FIV is an umbrella fund, articulated in the Plus and Extra Fund, dedicated to the enhancement of public buildings.
The subfund Plus (subscribed to 100 million by Cassa Depositi e Prestiti) making purchases of property by government agencies with operating scheme which provides for a feasibility study, a bid placed and a public announcement issued by the seller, the FIV-Fund Plus buy only if the auction went deserted.
The Fund Extra (signed for EUR 725 million from Cassa Depositi e Prestiti) has been dedicated to the acquisition of properties owned by the State and some Local Authorities. CDP Investments Sgr through FIV – Extra Fund, has completed the acquisition of 40 properties, partly from state (33 assets) and partly from 6 local authorities (7 assets). The value of the transaction is approximately EUR 490 million. The properties are spread across 10 regions and 19 provinces. About 75% of the area of the portfolio is spread over 23 properties located in the city of Bergamo, Bologna, Florence, Milan, Rome, Turin and Venice.
Of the 40 properties purchased, 33 are constrained because of the historical and artistic value. The investment policies of the fund stipulate that the property can be sold on the market are in the state they are in, and after enhancement activities, it is still true after business development, processing and marketing.