Italy's DeA Capital strikes first deal in France

DeA Capital Real Estate France, the new French platform of Milan-headquartered DeA Capital Group, has struck its first deal, acquiring an office in Charenton-Le-Pont.

Financial details were not disclosed.

The fully-let asset, which comprises more than 11,000 m2 of office space, was acquired on behalf of a British fund, according to Gruppo De Agostini's asset management arm.

'In the current market environment, which remains attractive for real estate investment, we are selective on both strategic location and fundamentals of the assets, in order to unlock value on a long-term basis,' said Emanuele Dubini, CEO of DeA Capital Real Estate France.

DeA Capital Real Estate France said it oversaw the structuring of the deal, in agreement with the investor, and would be in charge of managing the asset going forward.

According to Dubini, this debut investment for DeA Capital Real Estate in France launches its strategy of investing across all sectors throughout the country, selecting properties with a diversified investment risk profile.

DeA Capital Real Estate France is a joint venture between the DeA Capital Group, which holds 70% of the share capital, and a local senior management team with a proven track record in the French real estate sector, led by Dubini, which holds the remaining 30%.

DeA Capital is currently the largest alternative asset management platform in Italy with about 500 local and international clients, and €11.9 bn of assets under management, according to the company. The firm has recently announced plans to focus on international expansion, launching its Iberian operations in Madrid after opening an office in France.

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