Real Estate Funds

Sagitta manages funds in the real estate sector, focusing on the redevelopment of existing assets (Brownfield development), or centered on strategies such as Reoco, Value-add, and Special Situations, aimed at acquiring and enhancing properties in complex contexts with an opportunistic approach.

SGT CPI 2 Italy Real Estate Fund

SGT CPI 2 Italy Real Estate Fund is the real estate fund managed by Sagitta Sgr.

The Fund is subscribed by funds advised by Lodge Quai Advisors LLP.

The Fund acquired from Mint Street Holding Spa several buildings for mixed management / instrumental use located in Ozzano nell’Emilia (Bologna). The property is one of the main offices of IMA Group, one of the world leaders in the design and production of automatic packaging machines. The company is listed on the STAR segment of the regulated market of the Italian Stock Exchange. The property is leased with a 15 year triple net contract.

The investment strategy of the Fund involves making investments in mission critical properties leased with long-term triple or double net contracts to high quality investment grade tenants with the aim of distributing constant long-term cash flows to its investors.

The Fund’s investment target is €100 million in equity to be raised.

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Aster Fund

Aster Fund is the owner of a residential real estate development project that is located on an area of 300 thousand square meters located in the metropolitan area of Milan (Municipality of Segrate), on which a Smart District of about 90 thousand square meters will be built, immersed in 80 thousand square meters of park. The innovative concept, which combines digital technology, energy efficiency and architectural design, will be developed by Sagitta SGR, manager of the Aster fund, which is owner of the area, with the participation of important technological partners

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SGT Sansedoni

SGT Sansedoni is a closed-end real estate fund reserved for professional investors, managed by Sagitta SGR.

The fund was involved in a complex concordato preventivo (composition with creditors) procedure aimed at the financial restructuring of Sansedoni S.p.A., a historic real estate company based in Siena, established in 1999 as the reference property and investment company of the MPS banking group and the MPS Foundation.

This innovative transaction, particularly in the management of UTP (Unlikely-to-Pay) loans, enabled the transfer of Sansedoni Siena’s real estate assets to the fund, in exchange for the conversion of the secured creditors into fund unit holders. In addition to the participation of the banks, the fund raised a total of €13 million in capital from the MPS Foundation (€3 million) and Arrow Global (€10 million). These resources were allocated to cover the operating costs of the property-holding company, the regularization of the real estate assets, and the implementation of capex initiatives, ultimately enabling a better enhancement of the portfolio and improving recovery expectations for the contributing banks compared to a court-ordered liquidation scenario.

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SGT ACO Student Accommodation Fund

SGT ACO Student Accommodation Fund was established in June 2025 and is a closed-end, alternative real estate fund, reserved and subscribed by Arrow Global Group and other investors.

The Fund invests in properties following a Value-Add, Refurbishment, or Development strategy. In particular, the fund will be dedicated — though not limited — to real estate investments in the student housing sector.

The Fund is currently working on its first investment, which is expected to be completed in H2 2025.

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SGT Umbrella Real Estate (Italy) Fund

The SGT Umbrella Real Estate (Italy) Fund was established in January 2024 and is a closed-ended, multi-compartment real estate alternative investment fund reserved for professional investors, subscribed by pan-European funds promoted by Arrow Global Group.

The Fund is aimed at investing in real estate initiatives with Value-Add, Refurbishment, and Development strategies, with the objective of generating value through the redevelopment, repositioning, and development of real estate assets primarily located in Italy.

The Fund has a multi-compartment structure, allowing for the separate management of different investment strategies and real estate transactions. As of today, three compartments are active.

The first compartment, named AREO Real Estate Sub-Fund, and the second compartment, named ACO II Real Estate Sub-Fund, have jointly invested in the redevelopment and development of three towers forming part of the “Richard” real estate complex, located in the Navigli district of Milan. The project envisages the conversion of the properties into high-end residential buildings through a comprehensive refurbishment, enabling the development of approximately 200 residential units of varying sizes, with the aim of enhancing a historic real estate complex through residential repositioning consistent with the urban context and the growing demand for high-quality housing in the area.

The third compartment, named ACO III Real Estate Sub-Fund, completed in November 2025 the acquisition of the “Donnafugata Golf Resort & Spa”, a prestigious hospitality complex located in Sicily, in the province of Ragusa, in the heart of the Val di Noto, a UNESCO World Heritage site. The transaction involved the acquisition of the existing resort, together with adjacent land intended for the development and expansion of the project. The investment strategy envisages the relaunch and repositioning of the entire complex in the upper-upscale leisure segment, through a redevelopment program and enhancement of hospitality offerings and services, including a spa, sports infrastructure, and two 18-hole golf courses, as well as a 9-hole practice course, with the objective of creating a landmark destination for high-end international tourism in the Mediterranean.