Fondo Ca’ Granda is an Italian closed-end real-estate investment fund established in 2014 to manage and redevelop part of the property portfolio of Fondazione IRCCS Ca’ Granda Ospedale Maggiore Policlinico in Milan.26 The fund is managed by InvestiRE SGR and is backed by Fondazione IRCCS Ca’ Granda, the Fondo Investimenti per l’Abitare managed by CDP Immobiliare SGR, and Fondazione Cariplo.212
Its activities have two connected objectives: the redevelopment of historic residential properties through social-housing projects, and the generation of resources to help finance construction of the New Policlinico in Milan through the development and sale of other properties.111 The fund was created with real-estate assets contributed by the Policlinico; the hospital reports that the vehicle had a value of more than €300 million and that the hospital retains 62% of its shares.6
Fondo Ca’ Granda provides homes for rent at below-market or regulated rents. Its housing activity is focused on Milan and the wider metropolitan area: eligibility rules refer to applicants who live or work principally in the Metropolitan City of Milan.5 Published housing notices have covered properties in several Milan districts, including units on Via Previati, Viale Monte Grappa, Via Palazzi, Via Legioni Romane and Via Melchiorre Gioia.7
The fund’s projects also involve the rehabilitation of early twentieth-century and other historically significant buildings, sometimes including the reconstruction or regeneration of entire blocks.11 Publicly identified people associated with its work include Marco Giachetti, president of the Policlinico foundation, Paolo Boleso, InvestiRE SGR’s Head of Residential and Social Infrastructure, and Dario Valentino, InvestiRE SGR’s chief executive officer.1314 Its operational geographic scope is local, centred on Milan rather than extending across Italy or internationally.25