Re Genera
Regenerating Public Real Estate. Creating Value for the Country.
The Context
INVIMIT SGR – Asset Management Company Serving the Public Interest
Invimit SGR S.p.A. is an asset management company wholly owned by the Italian Ministry of Economy and Finance.
It operates in the management of closed-end real estate investment funds, with a specific mission: to enhance the value of Italy’s public real estate assets.
Unlike traditional asset management companies, Invimit was established with a clear institutional mandate aimed not only at profitability but also at achieving objectives of general interest:
- recovery and reactivation of underutilized public properties,
- value creation for local areas,
- reduction of public debt.
Enhancing Public Assets, Regenerating the Country
Invimit SGR intervenes on properties owned by the State, local authorities, and other public bodies through innovative and sustainable tools.
Its activities are structured around two main operational lines:
- Direct Funds: management and enhancement of real estate assets for reuse and regeneration purposes;
- Funds of Funds: strategic investment in funds promoted by local entities to maximize financial efficiency and social returns.
In every operation, the objective is twofold: to give new purpose to unused public properties and to generate collective, lasting, and measurable value.
The Project
What is REgenera – The National Project for Public Asset Regeneration
REgenera is a strategic initiative promoted by Invimit SGR S.p.A., aimed at activating regeneration and enhancement processes for unused or underutilized public properties, by involving qualified private operators. REgenera is therefore Invimit’s flagship program to accelerate the regeneration of disused public assets.
The project responds to a dual purpose: on one hand, to generate economic, social, and environmental value through the reuse of public real estate; on the other, to contribute, through real estate leverage, to the progressive reduction of national public debt.
Specifically, REgenera is designed to:
- engage qualified private operators from the design phase,
- activate co-enhancement processes,
- convert public properties with new functions beneficial to local areas,
- create a replicable model of public-private collaboration.
In this way, REgenera fits organically into the mission of Invimit SGR, which operates in the management of closed-end real estate funds with a public purpose, enhancing assets throughout Italy.
A Multi-Phase Project
The initiative is structured in several operational phases
1. Selection of Real Estate Assets
Invimit SGR identifies, among the assets under management, a series of properties suitable for redevelopment and reuse processes.
2. Preliminary Market Consultation
The company launches a phase of dialogue and engagement with qualified operators—primarily AIFMs (Alternative Investment Fund Managers)—to collect expressions of interest, project suggestions, operational proposals, and insights into the most suitable intervention methods.
3. Access to Information and Enhancement Proposal
Following a formal participation request and the signing of a confidentiality agreement, Invimit SGR provides guided access to documentation relating to the properties, enabling participants to develop a structured enhancement proposal.
4. Possible Activation of Operational Meetings
During the consultation phase, public or dedicated meetings may be organized with interested parties to explore development opportunities aligned with the portfolio’s characteristics.
5. Selection of Interventions and Subsequent Development
Invimit SGR will evaluate the proposals received with the aim of launching enhancement projects that are practically feasible and aligned with public objectives and economic sustainability.
Involved Assets – Initial Portfolio
The pilot phase of the REgenera project includes ten properties located across different areas of the country, spread over six regions:
• Abruzzo – Chieti, Giulianova
• Liguria – Genoa
• Piedmont – Novara, Turin
• Apulia – Bari
• Tuscany – Pisa
• Umbria – Perugia
All selected properties are currently decommissioned or unused and are candidates for recovery interventions, potentially including changes of use.
Transparency Note:
Following advanced negotiations with a potential buyer, the property located in Via Paradisa (Pisa), previously included in the project and part of the i3-Università fund, has been removed from the list of available assets.
Consultation Duration and Operational Tools
The preliminary consultation was structured as an open process aimed at engaging with the market.
During this period, Invimit may organize public meetings or dedicated thematic sessions to analyze the proposals received, clarify operational aspects, and identify the most suitable tools for enhancing the assets.
The ongoing dialogue between the public entity and private operators is a distinctive feature of the REgenera project, which prioritizes operational efficiency, the sustainability of interventions, and the transparency of the decision-making process.
Objectives and Expected Impact
With REgenera, Invimit SGR aims to:
- Activate virtuous processes to enhance disused public assets
- Involve qualified investors in economically sustainable operations
- Promote the reuse of properties for the benefit of local areas and communities
- Gradually reduce public debt through efficient financial instruments
- Integrate ESG principles (Environmental, Social, and Governance) at every stage of the intervention
REgenera thus represents a replicable operational model capable of generating lasting public value through synergy between public and private sectors.