InvestiRE SGR, the real estate manager of the Banca Finnat Group, has joined forces with Fondazione Cariplo to set up a real estate investment house specialised in social housing in the northern Italian region of Lombardy.
REDO SGR, held by 33% by InvestiRE SGR and by 66.6% by the Italian philanthropic organisation, will take over the management of the Lombardy real estate fund Comparto Uno and Comparto Due from InvestiRE SGR.
The new manager will be led by Fabio Carlozzo as managing director for REDO SGR. To take on this new role, Carlozzo has resigned from his current position of member of the managing board and executive committee of InvestiRE.
InvestiRe SGR focuses on the management of real estate portfolios looking after 44 funds. The manager is involved in two social housing projects in Milan.
Fondazione Cariplo, ranked among world's most influential philanthropic organisations, was entrusted by Law to manage the assets gathered by the savings bank Cassa di Risparmio delle Provincie Lombarde over 180 years, so as to advance and strengthen the former's charitable tradition.