What is it?

The FIA Euregio+ Valore Alto Adige-Südtirol, established pursuant to Article 12 of Ministerial Decree 30/2015 and for the purposes set out in Article 33, paragraph 2 of Legislative Decree 98/2011, is an Italian Alternative Investment Fund (AIF), real estate-based, reserved, and closed-ended, as defined by Article 1, paragraph 1, letter m-quater of Legislative Decree No. 58 of February 24, 1998 (the “Consolidated Law on Finance” or “TUF”).

The Fund is designed to seize financial opportunities linked to the urban and administrative redevelopment of decommissioned public properties that are no longer functional for institutional purposes. Its goal is to combine sustainable financial returns with the benefits of area regeneration, ultimately addressing the needs and demands expressed by local communities.

The Fund is aimed at the contribution and/or transfer of real estate assets and rights—including those arising from real estate leasing contracts with transfer characteristics and concession agreements—by Territorial Entities, based on approved plans for use, disposal, or enhancement, as resolved by the governing bodies of the contributing or transferring Entities.

The investment structure generally includes: a Main Fund (also referred to as “Euregio+ Valore Alto Adige-Südtirol Fund”), which serves as a strategic container for decommissioned properties to be enhanced; and a series of Thematic and Local Sub-Funds, dedicated to specific initiatives such as social housing, nursing homes (RSA), mixed-use residential-commercial projects, and urban regeneration.

The Main Fund manages the urban enhancement of contributed properties, the disposal of non-strategic assets, and the transfer of properties with physical and commercial transformation potential to the Thematic Sub-Funds. Once this phase is completed, the management company (SGR) evaluates—based on specific technical and financial analyses—whether to proceed with disposal or continue the investment through the Sub-Funds.

The Thematic Sub-Funds will focus on the enhancement and management of the assets, including the involvement of strategic private partners capable of contributing capital and technical expertise, through the subscription of units and the assumption of operational roles (e.g., general contractor, developer, or asset manager).

The Fund’s return is directly linked to the income generated from the sale of the properties contributed to or subsequently acquired by the Fund, through leasing, renovation, and enhancement activities aimed at improving profitability. Returns may also derive from participation in other real estate AIFs through the contribution of urbanistically enhanced properties, which will manage their physical transformation and commercial operations.

The Fund therefore offers investors the opportunity to invest in the “real” economy with a strong social and environmental focus, aimed at territorial redevelopment, urban regeneration, combating degradation, promoting social cohesion, and reducing housing hardship—also through the provision of properties at subsidized rents or designated for public interest functions.

Responsible investment

The Fund qualifies as a financial product that promotes environmental and/or social characteristics pursuant to Article 8 of Regulation (EU) 2019/2088 of the European Parliament on sustainability-related disclosures in the financial services sector (commonly known as the SFDR Regulation). The nature of the investment generates a positive environmental and social impact, representing one of the most promising solutions for actively promoting environmental sustainability through the recovery, renovation, and enhancement of public real estate assets. Specifically, it fosters sustainability from the following perspectives:

• Environmental: contributes to the reuse of existing buildings, reduction of land consumption, and improvement of energy efficiency in buildings.
• Social: supports territorial redevelopment, combats urban decay, and strengthens social cohesion.

In the selection and evaluation of investment opportunities, traditional techniques for analyzing the economic and financial risk/return profile of the operation are integrated with ESG risk profile assessments (E: Environmental, S: Social, G: Governance), using dedicated ratings (“ESG Ratings”) developed based on an internally designed methodology.

For more information on how the product promotes environmental and social characteristics, please refer to the disclosure pursuant to Article 24 of Regulation (EU) 2022/1288.