Intesa Sanpaolo invests €200M in Milan's Olympic Village, future student dorms

Through the COIMA Housing Fund (dedicated to sustainable housing), Intesa Sanpaolo will invest in the new COIMA Olympic Village Fund ("COVF") dedicated to the development and management of the Olympic Village, which during the Milan-Cortina 2026 Winter Games will provide accommodation for athletes and will thereafter be transformed into the largest student residence in Italy.

The operation is part of the urban regeneration plan of the Scalo di Porta Romana in Milan and involves the participation of the Fondo Nazionale Abitare Sociale (FNAS) fund of CDP Real Asset SGR, which will in turn invest in the COVF fund.

The project involves a total investment of around €200 million for the acquisition and completion of the works.

The Olympic Village was conceived with the post-Olympics configuration already in mind, allowing the integration of physical spaces, services and fittings designed for athletes through a zero environmental impact design according to NZEB (Nearly Zero Energy Building) requirements. More specifically, the approximately 10,000 square metres dedicated to athlete services - which include gymnasium, coworking, catering and medical facilities - will be used for contracted services in the public interest.

The development, covering a total area of around 30,000 square metres, will accommodate around 1,700 authorised beds, 30% of which will be offered at subsidised rates, in the student residence to be built after the Olympic Games.

The acquisition of the Olympic Village and the residual development plan, until the handover to the Milan-Cortina Foundation, is financed by a pool of banks made up of Intesa Sanpaolo, Istituto per il Credito Sportivo e Culturale SpA and Crédit Agricole Corporate and Investment Bank, which will support COIMA SGR in the operation through a 'Green Loan' of over €100 million.