Endeavour mandated to manage EUR 86m asset in Milan

Endeavour Asset Management has signed a new EUR 86.5 mln mandate with Italian real estate fund manager Valore Reale Srg for the asset management of a multi-let office property in San Giuliano Milanese, near Milan. The asset represents the first property transferred to a new private core plus fund managed by Valore Reale.

'The management agreement with Valore Reale has the potential to grow significantly in the near future as the company will seek to increase the size of the fund by contributing new assets in exchange for fund units,' said Dominic White, one of the founders of Endeavour AM. He estimates the fund could reach a size of up to EUR 400 mln.

In September Endeavour hired a new head of asset management, Domenico Iluliano, who will bring the number of asset managers to six. It also recruited Rosalba Castiglione as General Director of the business and Legal Counsel.

'We are seeing some success in the occupier market, with new rental agreements being signed in Rome and Milan,' White told PropertyEU. 'Even though the Italian letting market is difficult, there is an increasing interest from international occupiers, and we are being successful in bringing a number of assets to full occupancy. We are also managing to sell some of our smaller units to local buyers.'

Endeavour, which was founded in 2009 by two former Cordea Savills directors, is based in Rome and currently manages assets of over EUR 850 mln in Italy. The company, run by Dominic White, Emmanuel Bordignon and Andrea Migliore, is seeking to take advantage of a gap in asset management services offered to professional investors. Endeavour's portfolio currently comprises over 100 buildings across Italy, with a majority of office properties and some retail and logistics assets as well as bank branches.