Foligno: Fondo Asci (70% Fia) Has Started Construction of 60 Class B, Rent-Regulated Apartments, To Be Delivered Within 16 Months

Feb 06 2017

On 31 January, the Fondo ASCI - Fondo Abitare Sostenibile Centro Italia, a real estate investment fund managed by Prelios SGR, finalised its acquisition of the former headquarters of the San Giovanni Battista Hospital in Foligno to convert it to social housing: this project is strategically important for a territory that is currently facing the consequences of the earthquake.

The Fondo ASCI is reserved for institutional investors, 70% of which is represented by FIA (Fondo Investimenti per l’Abitare), a fund set up to promote and develop social housing initiatives (managed by CDP Investimenti SGR and invested in by the Cassa Depositi e Prestiti), along with both the Fondazione CR di Perugia and the Fondazione CR di Foligno.

Shortly after starting the project located on via Cortonese, in Perugia, the Fondo ASCI will develop a new complex in Foligno consisting of approximately 7,000 m2 of commercial space, as well as social housing covering 79% of the surface area. The 60 living units will be made available under controlled conditions including rent-to-buy and long term let arrangements.

The development project is to include mixed use residential (private, fair-rent social housing) and commercial buildings. The real estate complex, which will be developed in five blocks according to the project prepared by Architect Paolo Luccioni of Archstudio S.r.l., foresees the use of building and system solutions that will guarantee achieving the Class B environmental sustainability certification. As of today, the pilings, excavations and 30% of the reinforced concrete structure have been completed. Construction is estimated to take 16 months with completion expected in May 2018.

Fondo ASCI (Abitare Sostenibile Centro Italia) has been managed by Prelios SGR since 31 July 2014. It was set up to develop initiatives to help solve the housing shortage, with a specific focus on the social and housing needs of low-income families and individuals.

The FIA is managed by Cdp Investimenti SGR and operates on a national level. The fund’s aim is to increase the stock of social housing units through investments in local real estate funds managed by other asset management companies. The FIA has more than 2 billion in total capital coming from investments received from Cassa Depositi e Prestiti S.p.A., the Ministry of the Infrastructure and Transportation, and other private institutional investors. The fund’s goal is to achieve 20,000 social housing units and 8,500 beds at university and temporary residences.