Italian asset manager Dea Capital Real Estate Sgr has launched its first pan-European fund for institutional investors targeting an equity volume of up to €500 mln.
Named Dea Capital Real Estate Investment Fund I, the Luxembourg-based vehicle will invest across the main European markets in office properties and, to a smaller extent, in hospitality and retail assets.
The new fund will follow a built to core investment strategy, seizing opportunities offered by current market trends and focusing on transforming and redeveloping the assets into core products with profitable lease positions, high-standing tenants and a focus on the environmental, social and energy sustainability characteristics of the buildings.
Dea Capital Real Estate SGR is part of the Dea Capital Platform, Italy's largest independent provider of alternative asset management solutions by assets under management, with combined AuM of roughly €26.7 bn in the real estate, credit, private equity and multi asset/multi manager solutions sectors.
Based in Rome, Dea Capital has been expanding rapidly across Europe in the recent past, with offices in Spain, France, Poland and Germany.
‘This pan-European ESG fund with a built to core strategy is perfectly aligned with risk diversification on different markets,’ said Emanuele Caniggia, head of Real Estate of Dea Capital. ‘It successfully combines a medium/long-term real estate investment development objective with steady returns and improved energy and social sustainability. We are immensely proud of the high-calibre teams we have in every country and how they serve our investors within a shared project.’
Earlier this week, the Millennium Luxury Fund, managed by Dea Capital, acquired the historical Palazzo Marino, located in Piazza San Silvestro in Rome's historic centre, for €165 mln from local developer Scarpellini.
The fund aims to convert the asset into a luxury hotel to be managed by Four Seasons Hotels and Resorts, world's leading luxury hospitality company.
Millennium Luxury Fund is backed by Marini International Holding, a Luxembourg investment fund.