Regenerating city areas for our young communities
Tuesday 08 February 2022
UniCredit is proud to support The Student Hotel project with a €145 million social and environmental impact financing loan, in collaboration with SACE, for the development of two innovation and creativity hubs, aimed at connecting different communities of people, especially the younger generation, in Rome and Florence.
The Student Hotel (TSH) is known for its commitment to building its premises in a responsible and impactful way to benefit both, the local community, and the environment. Thanks to UniCredit’s financial support together with SACE, the San Lorenzo district in Rome and the Belfiore district in Florence will benefit from more student housing opportunities, supporting the wider positive development of these inner-city areas. The 396-room San Lorenzo hotel is expected to open in Winter 2023/24 while the Belfiore location aims to open before Summer 2024. In addition to student housing, both locations will also offer a restaurant, a bar, co-working spaces, and a gym, as well as a public park accessible to all. Furthermore, the building in Florence will also include a public running track on its rooftop. The project will also be supported by the Real Estate Large Corporate segment of UniCredit Italia.
Massimiliano Mastalia, Head of Corporate Italy at UniCredit, said: “We are proud to continue supporting TSH Group alongside SACE in its development. This is a longstanding relationship that will now allow for the transformation of two large areas in Rome and Florence into innovation and creativity hubs, aimed at connecting different communities of people, especially the younger generation. The project will also increase the availability of quality accommodation, supporting a sector that was harshly hit by the pandemic. This deal is testament to UniCredit's commitment to promote and support the sustainable development of our territories, which is central to our Group's core purpose of empowering our communities to progress".
The funding includes several ESG and impact financing terms, such as a discount rate that TSH will reinvest by providing students from disadvantaged socio-economic backgrounds support through rent reduction. Furthermore this will increase the positive social impact of both developments, in line with the goals of UniCredit’s Social Impact Banking programme that aims to build a fairer and more inclusive society everywhere the Group operates.
Moreover, the project is in line with the goals of the Green New Deal that promotes a modern, circular, sustainable and resilient Europe, and therefore eligible for the SACE green guarantee, for the amount of €54 million.