Italian asset manager DeA Capital Real Estate is expanding into real estate debt with the launch of its first credit fund dedicated solely to international investors.

The company is also understood to be working on its first financing worth around €100m for the new strategy.

“Creating and structuring new investment products during the challenging geopolitical climate we are experiencing has become a necessity,” comments CEO Emanuele Caniggia. “The launch of this new real estate credit fund represents a significant step for our asset management company, which has once again demonstrated its ability to offer innovative investment products that meet market demand.”

Investors also bet big on self storage this week. PGIM expanded its French self storage joint venture with Pithos to the Spanish market and said it is buying a seed portfolio of 10 assets across Catalonia, with a further seven acquisitions in the works in Catalonia, Andalusia and Valencia.

Meanwhile, Blackstone said it is in the early stages of considering a possible cash offer for self-storage company Big Yellow Group and asset manager HIG set up a new Italian self-storage platform operating under the brand Boxengo after completing its first five acquisitions in Italy. 

Riccardo Dallolio, managing director and head of HIG. Realty in Europe, in London, said: “The successful completion of the first five acquisitions represents an important milestone for HIG. Realty’s strategy in self-storage, which we see as an operationally intensive and undersupplied sector.”

In the recently completed deal section, investors put to bed two major retail transactions, with CBRE IM acquiring the Parque Corridor shopping centre in Madrid for €260-290m and Czech asset manager Reico sealing the acquisition of the €700m Palladium shopping centre in Prague. 

Recently completed deals       
Asset Asset type Location Buyer Vendor Size Price (mln) Key facts
majority stake in care home owner-operator Vitalia living Spain StepStone Real Estate and GREYKITE Vivaly Investments BV 75 care homes €1500 Both Vivaly Investments BV and Vitalia’s founder and senior management team will be retaining minority stakes.
logistics portfolio logistics UK Tritax Blackstone 6.5m sqft £1000 (€1100) The deal will result in Blackstone owning a 9% stake in the listed logistics warehouse company.
Oxford Science Park asset mixed Oxford Ellison Institute of Technology Oxford Science Park 2m sqft £890 (1026) Plans are to expand the campus from 300,000 sqft to 2 million sqft.
Palladium retail Prague Reico Union Investment 39,000m2 €700 Union bought the mall in 2015 for €570m.
Elbtower asset office Hamburg Hamburg City Consortium led by Becken Development 100,000m2 €595 The city is to acquire the lower twelve floors, comprising 46,000 m², or 48% of the total area.
Parque Corredor shopping centre retail Madrid CBRE IM Ares, Redevco 123,000m2 £230-£250 (€264-€285) Originally opened in 1995 and fully refurbished in 2021, Parque Corredor is a dominant retail destination.
Hirmer flagship store at Kaufingerstraße 28, Schuster sports store retail Munich Erich Schwaiger MW Hirmer NA €240 The two assets are in prime central locations.
Kurfürstendamm 231 retail Berlin Stumpf Development GmbH Kurfürstendamm 231 Immobilien GmbH & Co. KG NA €155 The Karstadt store was formerly owned by Signa Group, currently in administration.
Highlight building office Paris Corum AM Eurazeo NA €90 The asset is entirely let to Kaufman & Broad.
Gaia Palace and Gaia Royal hotel Kos, Greece Premia NA 441 rooms €73 Management of the hotels will be handed over to the Scandinavian NLTG, through a long-term 20-year triple net lease.
Park West Business Park office Dublin ICG Harcourt Developments 445,000sqft €62 The buildings acquired by ICG are occupied by a number of tenants including Silent-Aire and Nissan Ireland.
retail and office portfolio mixed Sweden Tagehus Holding Diös 6 assets €60 The properties, centrally located in Åre, have an annual rental value of SEK 68m.
two ColivINN assets living Madrid Barings ColivINN 250 units €40 The two properties were acquired in a sale-and-leaseback deal.
Via Sant’Andrea 25 mixed Milan NA Investire 4,000m2 €38 The centrally-located asset provides space for retail and office use.
Charlottenstrasse 82 office Berlin LaSalle IM NA 4,000m2 €37 The property was constructed in 1913 and most recently refurbished in 2021.
Viale Gian Galeazzo 3 mixed Milan Gruppo Building Trading System Real Estate NA €33 Banco BPM will finance the redevelopment of the asset.
Central Exchange at 20 Waterloo Street office Glasgow Ediston and Strathclyde Pension Fund NA 95,174sqft £22 (€25) The property is multi-let to Hymans Robertson, Ashurst, Associated Newspapers and Aberdein Considine.
urban logistics portfolio logistics France AEW NA 97,000m2 NA The portfolio includes three Grade A urban warehouses and two last mile logistics assets used for parcel delivery services located in Bordeaux, Lille, Lyon, and Valence.
logistics asset logistics Tychy, Poland Principal Asset Management NA 9,705m2 NA The asset, comprising warehouse, production and office space, is let on a 20-year triple net lease to BOS Automotive Products Polska.
One Lyric Square office London Iroko Schroders 103,374sqft NA The property is fully let to The Office Group (TOG).
Star Living single-family BTR portfolio living UK Lloyds Living TPG and Gatehouse 610 homes NA The properties are located in the West Midlands, Nottinghamshire, Lincolnshire and Merseyside.
OurDomain Rotterdam Blaak mixed-use development living Rotterdam Bouwinvest Greystar 612 homes NA Greystar, which developed the 24-storey building in cooperation with Stebru, will remain involved as the property and community manager.
self-storage portfolio alternative Spain PGIM Real Estate and Pithos NA 10 assets NA The Zebrabox self-storage partnership is launching in Spain with an initial portfolio of 10 assets in Catalonia, and has secured a pipeline of seven further acquisitions across Catalonia, Andalusia and Valencia.
TH Lazise Hotel Parchi del Garda hotel Lazise, Italy Corum AM Marlin Real Estate 233rooms NA The four-star hotel is located near Verona.
self-storage portfolio alternative Italy HIG NA 5 assets NA Operating under the brand Boxengo, the HIG platform will initially focus on the metropolitan areas of Milan and Rome.

 

Assets on the market       
Asset Asset type Location Vendor Size Price (mln) Broker Key facts
Fidere platform living Spain Blackstone 5,300homes €1200 JLL, Eastdil The first round of bids is expected in mid-November.
BNY’s headquarters at Four Angel Sq office Manchester Federated Hermes 200,000sqft £120 (€138) Savills The price for the office, which is solely leased by BNY, reflects a net initial yield of 6.5%.
Deutsche Finance Group office Munich Deutsche Finance Group 11,600m2 €120 NA The asset completed in 2024.
Project Delta industrial portfolio logistics Bristol Bristol City Council 574,721sqft £35 (€40) JLL The fully-occupied portfolio consists of eight long-income ground-rent investments.
1000 Aztec West office Bristol NA 79,032sqft £28.5 (€33) JLL The asset is let to EDF with a weighted average unexpired lease term of 14.5 years.
Kendon House living London SAV Group 22,353sqft £18 (€21) Estate Office and Cushman & Wakefield The investment is a newly developed and operational freehold block of 46 apartments close to Stratford Station.
34 Berkeley Square office London Private overseas investor 4,255sqft NA Savills The asset is the first office building to be marketed on Berkeley Square in Mayfair for a decade.
Arlington Business Park office Reading, UK CapitaLand 370,000sqft NA Newmark The stake comprises 362,589 square feet of offices across 11 buildings on 39 acres of landscaped grounds.

 

Recently completed loans    
Lender(s) Borrower(s) Asset(s) Loan Size (mln) Key facts
Apollo Cohort, King Street The Park Tower Hotel in Knightsbridge, London £348 (€401) The new deal refinances debt originally provided by Cale Street Partners and extends Cohort Capital and King Street’s existing partnership with the property’s owners.
BNP Paribas and Société Générale International Campus nine student housing assets €313 The financing has an initial term of two years, with three extension options of one year each.
L&G Asset Management Delancey Real Estate innovation campus at the former 2012 Olympic site in London. £200 (€230) The senior loan will refinance the Here East creative campus, which houses tenants including innovation consultancy firm Plexal.
Oak Hill Capital Partners, Invel Real Estate Castello sgr via Verri 5 in Milan €60 The retail asset has been owned by the company since 2019.
Cohort Capital NA The Lancaster £20 (€23) Designed by a British architect in the mid-19th century, the 54-key property spanning 41,371sqft represents a redevelopment opportunity for the new owner.
Helaba La Française Real Estate Managers Balthazar asset in Saint Denis NA The 32,000m2 complex is fully leased to Orange under a long-term lease that was recently renewed.

 

New mandates/JVs and funds on the market   
Firm Fund/mandate/JV Strategy Details
DeA Capital Real Estate SGR Real Estate Debt Fund I Providing loans to developers and owners with a real estate collateral. The fund is DeA Capital’s first-ever real estate debt investment vehicle.

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