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Luxembourg: Real estate investment manager Geminorum SA has announced plans to list a €25 million bond on the Vienna Stock Exchange to fund student housing in the Rome area.
The majority (90 per cent) of the proceeds from the nine per cent bond, which will mature in 2013, will fund the conversion of three properties into next-generation student housing, providing a total of 1,178 beds. These comprise two facilities in Rome, at Via Chianesi 110 (520 beds) and Piazzale delle Gardenie 41 (179 beds), and one in Pomezia, near Rome, at Via Sassuolo 15 (479 beds). The investments will be carried out through special purpose vehicle Atlas Property S.p.A., wholly owned by Geminorum, while day-to-day management of the properties will be entrusted to Ares Italia S.p.A.
The transaction is part of Italy’s university housing development program, launched by the Ministry of University and Research under ministerial decree 481/2024 and implemented by Cassa Depositi e Prestiti (CDP), Italy’s national promotional investment bank. It is funded through Italy’s National Recovery and Resilience Plan (PNRR) — the country’s share of the European Union’s post-pandemic recovery program. The three projects will receive non-repayable CDP grants totalling €22.5 million, disbursed upon completion of technical and administrative review, based on a standard contribution of €19,966.66 for each new bed created.
The Vienna Stock Exchange (Wiener Börse) has approved admission of the notes to trading on its Vienna MTF segment, with trading set to begin on August 31, 2026.
Francesco Guarnieri, founder of Guarnieri & Partners Law Firm, is acting as legal advisor on the transaction.
Claudio Latronico, founder of Geminorum, said: “Italy’s student housing market shows a significant gap between supply and demand: against hundreds of thousands of students living away from home, purpose-built facilities cover just 7.3 per cent of demand, with total national capacity estimated at around 85,000 beds. Italy’s recovery plan had targeted 60,000 new beds by June, a deadline since extended to 2027. With this transaction we are combining private capital with public recovery-plan funding to redevelop existing buildings into modern residences well connected to universities and campuses. The Vienna Stock Exchange listing gives investors an added layer of transparency and liquidity.”
Highlights:
- Real estate investment manager Geminorum SA has announced plans to list a €25 million bond on the Vienna Stock Exchange to fund student housing in the Rome area.
- The majority of the proceeds from the nine per cent bond, which will mature in 2013, will fund the conversion of three properties into next-generation student housing, providing a total of 1,178 beds
- The investments will be carried out through special purpose vehicle Atlas Property S.p.A., wholly owned by Geminorum, while day-to-day management of the properties will be entrusted to Ares Italia S.p.A
