Invel Real Estate has invested €120m in two office assets in Italy on behalf of an institutional investor.

The distressed debt specialist, set up by former RREEF managing director Chris Papachristophorou in 2013, said it acquired a 28,000sqm building on Via Paolo di Dono in Rome from DeA Capital Real Estate SGR, and 12,000sqm building on Via San Vigilio in Milan from Aedes SIIQ.

For the latter, Invel plans to create an additional top floor, renovate the façade and optimisation the energy efficiency.

Invel now has more than €750m assets under management in Italy.

Invel’s head of acquisitions in Italy, Francesco Molinari, said: “Both of these assets represented compelling investment opportunities, providing entry to attractive submarkets of Milan and Rome.

“We aim to enhance the value of both assets, leveraging our local knowledge through a targeted redevelopment and letting programme.

“Having grown our investments and team in Italy significantly over the past year, we continue to see opportunities to deploy capital, using our in-depth market knowledge to generate value across our existing portfolio as well as for new acquisitions.”