Maston Investment Management

What Maston Investment Management does

Maston Investment Management Srl is a Milan-based private equity real estate investment manager and developer that operates as an Italian operating partner for global institutional investors. Originating from Eurotekna Group (founded 1961/1967), the firm rebranded to Maston Investment Management in 2022 and today is led by founder Prof. Livio Cosenza and CEO Eddy Cosenza, with a specialized team of 19–20 professionals. Its mandate covers sourcing, acquiring, developing, and managing office, residential, hotel, and luxury retail real estate, concentrated in Milan's prime locations with a single international development in Katowice, Poland. The firm's portfolio includes trophy assets such as Palazzo Broggi (Piazza Cordusio, €345M acquisition), Cordusio (54,000 sqm), Moscova (25,900 sqm), Naviglio San Cristoforo (50,000 sqm), and Balduccio da Pisa (30,000 sqm), with a current gross building area under development of 291,000 sqm and assets under management exceeding €1.5 billion.

The business model is professional services built on a bespoke, transaction-by-transaction fee structure negotiated with each institutional counterparty. Revenue is generated through acquisition fees, development management fees, asset management fees, and performance/carried interest on realized transactions — for example, the Cortile della Seta exit to Generali and Poste Vita for €350M+ alongside JP Morgan. Core service modules include Global Real Estate Advisory, Asset Management, Project & Construction Management, and Agency & Sales Support, delivered in joint venture with financial partners such as JP Morgan, BlackRock, Henderson Park, CarVal Investors, Revcap, and Archon Group (Goldman Sachs). Distribution is exclusively direct and relationship-driven — there are no self-serve or marketplace channels — and the firm was recognized via the 2022 PERE awards (Firm of the Year for Germany and Southern Europe, with Henderson Park).

Operationally, the firm has been an active repeat-transaction counterparty with the same top-tier global capital partners across multiple large-ticket deals, and its Cortile della Seta project has secured WELL Core Platinum, LEED Gold, and NZEB certifications — aligning the platform with the ESG criteria increasingly demanded by European institutional LPs. The company is privately held (Maston Srl), headquartered at Via Solari 30, Milan, with no public listing and no disclosed funding rounds.

Name

Maston Investment Management

Legal name

Maston Srl

Website

https://mastonim.com

Company type

Private

Founded year

1961

Operating status

Operating

Headcount range

11–50 employees

Short description

Maston Investment Management is a Milan-based private equity real estate investment manager and developer that acts as Italian operating partner for institutional investors such as JP Morgan, BlackRock, and Henderson Park, managing over €1.5 billion in assets across office, residential, retail and hotel properties.

Ownership category

akta.pro rank

Product category

Private Equity Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (55111), All Other Financial Investment Activities (52399)

SIC

Investors, Nec (6799), Investment Advice (6282), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

Keywords

• Private equity real estate
• Asset management services
• Real estate development
• Investment management
• Project management advisory

Headquarters

HQ city

Milan

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Real Estate Asset Management & Advisory Fees: Maston earns fees as operating partner and development manager on behalf of institutional investors (e.g., JP Morgan, Henderson Park, BlackRock). Revenue derives from acquisition fees, development management fees, asset management fees, and performance/carried interest on realized transactions such as the Cortile della Seta sale (€350M+), Palazzo Broggi purchase (€345M), San Babila acquisition (€112M), and A2A portfolio acquisition (€221M).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Maston Investment Management is a Private Equity Real Estate Manager and Developer that provides investment management, asset management, project and construction management, and advisory services for real estate transactions and developments in Italy, primarily Milan. The firm operates as Italian operating partner for international institutional investors, sourcing and executing office, residential, hotel, and luxury retail real estate deals through joint ventures and co-investment structures.

Product overview

Maston Investment Management is an independent Private Equity Real Estate Manager and Developer offering a comprehensive suite of real estate investment services. The company operates as a unified platform combining Global Real Estate Advisory, Asset Management, Project & Construction Management, and Agency & Sales Support modules. Their investment strategy focuses on Value-Add and Opportunistic approaches in office, residential, hotels and luxury retail sectors, primarily in Milan, Italy. The company manages a diverse portfolio of properties including Milan Cordusio (54,000 sqm), Milano Moscova (25,900 sqm), Milano Naviglio San Cristoforo (50,000 sqm), Milano Balduccio da Pisa (30,000 sqm), Milano Light Building (25,000 sqm), Milano Residenze 900 (20,000 sqm), and Milano Domino (10,000 sqm), among others. The company collaborates with institutional partners including JP Morgan, BlackRock, and Henderson Park. Current assets under management exceed 1.5 billion euros with ongoing developments exceeding 250 million euros.

Differentiator

Problem solved

Functional benefit

Products and services

• Real Estate Investment Management Private Equity Real Estate Manager and Developer service focusing on office, residential, hotels and luxury retail real estate investments in Italy, primarily Milan; manages assets and develops properties in partnership with institutional investors.
• Global Real Estate Advisory Professional advisory service for real estate investments, providing strategic guidance on property acquisition, development, and portfolio management for institutional clients.
• Asset Management Active management of real estate investments over their lifecycle, fulfilling occupiers and buyers' expectations to create value in the medium and long term.
• Project & Construction Management Management of construction projects including deep refurbishment and development to maximize latent value of under-managed or under-invested assets.
• Agency & Sales Support Sales support and agency services for real estate properties including asset disposition and buyer/occupier coordination.

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Savills SGRsecondaryStrategic or Co-development PartnerSavills SGR is the asset manager on the Via Balduccio da Pisa office project (30,000 sqm), working alongside Maston as development manager and Henderson Park as equity partner. The project is designed by Belingardi Stefano BE.ST. architecture studio.

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• CBRE Investment Management: Global direct real estate investment management arm of CBRE, deploying institutional capital across Europe including Italy. Comparable as a major incumbent institutional RE investment manager active in the Italian market.
• Generali Real Estate: In-house real estate investment arm of Generali Group, one of Europe's largest insurance-based real estate investors with significant Italian exposure, including through acquisitions like Cortile della Seta from Maston's joint venture. Comparable as a large institutional Italian real estate investor/manager.
• Patrizia AG: Pan-European real asset investment manager headquartered in Germany with significant Italian and Southern European exposure across logistics, office, residential and hospitality. Comparable as a larger established European RE manager with institutional client mandate focus.
• UBS Asset Management Real Estate: Global real estate investment business of UBS Asset Management, managing direct property and fund-of-fund vehicles on behalf of institutional investors with material European exposure. Comparable as a large incumbent institutional RE investment manager active across Europe.
• DWS / RREEF Real Estate: Global real estate investment platform of DWS (formerly Deutsche Bank's RREEF), one of the world's largest direct real estate managers with European institutional mandate capabilities. Comparable as a broad incumbent institutional RE manager serving European institutional capital.
• Savills Investment Management: Global real estate investment management business of Savills, providing multi-sector investment strategies across Europe and Asia; already acts as asset manager alongside Maston on the Via Balduccio da Pisa office project. Comparable as a broader incumbent institutional RE manager active in Italy.
• Catella Real Estate: Pan-European investment manager with offices across the Nordics, Germany, France, Spain and Italy, managing real estate funds and mandates for institutional investors. Comparable as a European-headquartered RE investment manager with comparable institutional client base and multi-country reach.

Direct peers

• Coima: Italy's leading independent real estate investment and asset management platform, headquartered in Milan, focused on urban regeneration and ESG-led development. Most directly comparable peer to Maston as an Italian PE real estate manager working with institutional capital on prime Milan assets.
• Kryalos SGR: Milan-based Italian alternative asset manager running real estate and special-situations funds, providing asset management and investment services on behalf of institutional investors. Directly comparable as an Italian-headquartered RE/credit platform serving institutional capital partners.

Emerging players

• Benson Elliot: Independent European mid-market real estate private equity manager pursuing value-add and opportunistic strategies across Western Europe, often partnering with local operating partners. Comparable as a smaller specialist PE real estate manager with a similar institutional-mandate profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/maston-im

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Maston Investment Management