The European Real Estate Platform
DeA Capital Real Estate is an investment management business focused exclusively on European real estate, with a network of seven offices of 180 local experts in Milan, Rome, Paris, Madrid, Warsaw, Munich and London. We manage €12 bn AuM in assets through 51 real estate vehicles and hold more than 670 assets predominantly across gateway cities in Europe.
We offer best-in-class Pan-European asset management with an experienced and stable senior team, boasting an excellence in acquiring, developing, financing, leasing, managing and disposing of assets. We have an in-depth expertise in the structuring and managing of investment vehicles, whilst always maintaining our fiduciary responsibility to clients.
The business invests in various geographies and markets, across sectors, including logistics, living, encompassing student accommodation, hotels and mixed-use. DeA Capital Real Estate invests in sustainable developments alongside the management and holding of the highest quality core assets.
Since January 2019, DeA Capital Real Estate has adhered to the PRI, a United Nations initiative created in 2006 to promote the adoption of ESG principles in asset management.
Sector forecasts
LOGISTICS:
The logistics sector continues to grow driven by investments in France, Spain and UK. Investor appetite remains strong: industrial and logistics rank as second most attractive sector in Europe and prime yields have continued slowly compressing.
Take-up levels have stabilised, although mostly due to relocation and rationalisation movements, rather than expanding. The sector is starting to acknowledge the potential risk of warehouse obsolescence, which has been masked for years by tight vacancy and strong demand. Building selection is becoming a key factor as occupiers have more options available and start to implement strategies to future-proof their supply chains.
The new supply-demand backdrop has clearly impacted rents, as tenants have greater negotiating power in a better supplied market.
LIVING:
The impact of higher interest rates continues to affect the European housing market, despite a significant decline in rates since the end of 2023. Permit levels for new homes are decreasing, while demand is increasing unabated. House prices in the owner-occupied market have declined less than those in the investment market. The trend makes it easier for developers to build a residential complex with a larger share of owner-occupied homes. However, the owner-occupied market is still struggling to sell all its homes, primarily due to higher mortgage costs.
HOSPITALITY:
The outlook for the European hotel and tourism sector remains positive, with continued growth expected at a steady pace. RevPAR growth is expected to remain resilient in 2025, supported by solid demand fundamentals and strategic pricing management.
From an investment perspective, more limited hotel availability should increase the value of existing hotel assets. Additionally, this trend may encourage a shift in tourism demand from traditional hotspots to less crowded destinations, creating new opportunities for investors and hotel operators.
OFFICES:
Due to an increase in office-using employment, and higher and more stable office attendance rates, a further year of modest recovery in leasing levels is expected. Headcount forecasting and space planning are still challenges for major occupiers. Current and target levels of office attendance, and quality of office user experience, therefore, are important metrics for occupiers in assessing their space needs. Vacancy which spreads between prime and poorer quality buildings is set to widen, and owners will have increasing reason to consider the feasibility of refurbishment. From an investment perspective office volumes were hit by the broader economic headwinds of high inflation and high borrowing costs.
RETAIL:
Consumer fundamentals are expected to continue to improve. A steadier increase in disposable income is forecast, while further rate cuts are likely to aid in boosting confidence and stimulating demand. As a result of improving consumer fundamentals, leasing activity is expected to strengthen throughout 2025. Availability will remain a challenge in prime locations. Retail parks are likely to see stronger rental growth than other asset types, due to having the strongest occupier demand combined with the lowest vacancy rates. However, high street locations and shopping centres in the prime segment are also expected to see robust rental growth.
The volume of investment is growing, driven by bigger lot size. Following both structural (Covid-19) and cyclical repricing, yields have now stabilized.
Investment principles & strategy
- Large pan-European network
Our network of local offices ensures that we have a close and regular working relationship with major investment firms, agents, vendors and banks across Europe. - Deep regulatory and compliance experience
Authorised alternative investment fund manager in Italy and Luxembourg with experience of setting up vehicles in several other locations. Long track record dealing with regulatory bodies across multiple jurisdictions. - Asset management capabilities
We offer deep -rooted knowledge of asset management, ranging from strong tenant and service provider relationships, ground up development capabilities to heavy capex programmes of landmark assets, we have shown we are able to successfully deliver on a wide range of initiatives with local expertise. - People First
We are committed to the professional growth of our people through continuous training, promoting the value of human relationships with a focus on the quality of work and relationships. - Integrity
We build the trust of our clients through ethical, legal, and transparent behaviours in all the activities of the Group, especially in managing relationships with clients, personnel, and all relevant stakeholders. - Alignment of interests
DeA Capital Real Estate will always ensure that the structure of any investment aligns interests between us and our partners. We are co-investors alongside our partners into investment opportunities. - History and track record
DeA Capital Real Estate was established in October 2011 as the result of the incorporation of First Atlantic RE SGR S.p.A. into FIMIT SGR. The company combined two of the largest real estate investors in the Italian market. In 2017, the company formerly known as IDeA FIMIT SGR was rebranded in DeA Capital Real Estate SGR.
In 2018, the asset manager began the set-up of a pan-European real estate platform with the purpose of offering asset and investment management services across France, Spain, Portugal, Germany and Poland.
DeA Capital Real Estate has since attracted domestic and international investors, including pension funds, financial institutions and sovereign wealth funds.
With 51 vehicles under management of which 2 are listed on Borsa Italiana, 1 SICAF and 1 Luxembourg law Fund, for a total of € 12 bn of AUM and a total volume of acquisition and disposals of c. €1.3 bn combined for the year ending 2024, DeA Capital Real Estate is able to provide an extensive track record across the risk spectrum.
Sustainability
DeA Capital Real Estate considers ESG issues to be an integral part of its business model and it is committed to increasing the number of Funds and assets classified according to the principles defined by the European SFDR Regulation on sustainability in the financial services sector, pursuant to article 8.
ESG strategies are based on four key pillars: advocate, engage and act responsibly; develop, renovate and manage efficient and sustainable buildings; be people-centric; participate in the creation of sustainable cities of the future.
With its strategy, DeA Capital RE intends to contribute to the achievement of numerous United Nations’ Sustainable Development Goals (UN SDGs or Agenda 2030).
17 AIFS classified as Art. 8 under the SFDR reached €3 billion in 2024 (29% of total Open Market Value managed).
DeA Capital Real Estate is launching various initiatives that are dedicated to positively impacting communities.
Compliance Statement
The information contained herein is subject to change, does not purport to be complete and is qualified in its entirety by other information that may be subsequently provided.
None of the information in this profile is intended to give rise to any legal claims for performance, damages or of any other nature against DeA Capital Real Estate SGR or any of its affiliates or their respective officers and employees. Such claims would have to be based on separate, legally binding agreements which are not intended to be implicitly included in this profile or the provision thereof to the recipient.
Although this profile has been compiled with care, neither DeA Capital Real Estate SGR nor its advisors nor their respective affiliates, partners and employees make any representation or warranty as to the accuracy or completeness of the contents of this information and take no responsibility for any loss or damage differed as a result of any omissions, inadequacy or inaccuracy herein (except in the case of willful misconduct). While we are of the view that the information and interpretations contained in the profile are correct at the time that this profile is being published, please note that facts and realities may change over time due to changes in general market conditions or the legal environment or for other reasons. We undertake no obligation to update this profile at any time in the future. Statements contained in this profile, that are not historical facts, are based on current expectations, estimates, projections, opinions and beliefs of DeA Capital Real Estate SGR.
