Villa Monna Tessa reborn as university residence

The University of Florence and Careggi University Hospital (AOU Careggi) have identified the iGeneration student housing fund, managed by Investire SGR (Banca Finnat Group), for the realisation of a sustainable residential project for university students, following the change of use granted by the Municipality of Florence in the last Unitary Plan of the 'Villa Monna Tessa' building, owned by the University and AOU Careggi.

The main investor in the Fund is CDP Real Asset SGR (CDP Group) through the FNAS fund, and it also includes investment from Fondazione CR Firenze, among others.

The project presented by Investire SGR envisages the redevelopment of the historic building complex thanks to a total investment of around EUR 40 million. 

The iGeneration Fund was granted the project on 4 December after a public tender led by the University of Florence and AOU Careggi last summer. These institutions will act as co-investors in the fund, offering the property as a contribution.

The intervention will have a major impact in terms of urban regeneration with the redevelopment of more than 11 thousand square metres located in an area of more than 15 thousand square metres.

The project will provide 480 beds for university students at affordable rates. Specifically, 50% will be at a subsidised rate on the basis of the fairness criteria defined by the MUR, implemented in the call for tenders published by Unifi in agreement with AOU Careggi, and the remaining 50% will be subject to a tariff agreement with the Municipality of Florence, as provided for by the urban planning constraint.  Finally, some 30 beds will be dedicated to accommodate family members of in-patients of healthcare facilities in the area.

The University will also have the possibility to opt for 41 places for the needs of particular categories of students. 

The redevelopment will be managed according to the environmental and social responsibility criteria promoted by Investire in accordance with Article 8 of EU Regulation 2088/2019 (SFDR).Construction is scheduled to start in the second semester of 2025 and the new facility will be operational by the academic year 2027/2028.

The iGeneration Fund is dedicated to the development of affordable student living in Italy, with the aim of helping to bridge the gap between demand and supply in the university and professional housing sector. An achievement made possible through the collaborative efforts of national investors, particularly CDP Real Asset, in conjunction with local investors like the Foundations of Banking Origin.

This morning's press conference unveiling the Villa Monna Tessa redevelopment project featured speeches from Bernabò Bocca, President of Fondazione CR Firenze, Eugenio Giani, President of the Region of Tuscany, Alessandra Petrucci, Rector of the University of Florence, along with Filippo Catena of CDP Real Asset SGR and Paolo Boleso from Investire SGR.The event also welcomed the General Director of AOU Careggi, Daniela Matarrese, and University Councillor for the City of Florence, Dario Danti.