Arsenale SGR

What Arsenale SGR does

Arsenale SGR (legal name: Arsenale Real Estate SGR spa) is an Italian asset management company headquartered in Milan (via Santa Maria Segreta 7/9) that specializes in non-traditional real estate investment strategies. The firm manages closed-end funds targeting qualified institutional and high-net-worth investors, with an average fund duration of three years and a disclosed strategy-level track record of 26% IRR and 1.6x ROE. Its product suite comprises three funds — AREUS I and AREUS II (US-focused funds investing in commercial real estate serving technology and creative-sector tenants in markets such as Burlington/Boston and Thousand Oaks) and AREFOOD (a European food and large-scale retail distribution fund with assets across Italy including Milano, Ispra, Torino, Trieste, Curtatone, and Nizza Monferrato). Two core investment strategies underpin the funds: R&D e Tech (high R&D-intensity US markets — biotech, tech, aerospace, creative) and Food e GDO (European food retail real estate, with a focus on Italy).

The business model is a classic boutique asset management structure: Arsenale SGR earns recurring management fees on capital committed to its closed-end funds, supplemented by performance-related returns delivered through the funds' IRR/ROE mechanics. Distribution is sales-led and direct, via an Investor Portal, website, and individual meetings with institutional and qualified investors. The firm co-sources US deals through a strategic partnership with Compatriot Capital, which enables local expertise and deal flow for AREUS I/II acquisitions. Anchor tenants across the AREFOOD portfolio include major European food retailers (Aldi, Despar, IN's, Gottardo/Tigotà), while AREUS assets are leased to large US corporates including a major US insurance company (Thousand Oaks) and biotech/pharma tenants (Burlington), providing inflation-linked and counter-cyclical income characteristics.

The company is private, with 1-10 employees, and operates as an Italian SGR regulated by Consob/ACF (CF/PI 10904200960). No parent company, external ownership, or funding rounds are disclosed in the available data. The firm is led by founder and CEO Marco Stevanato.

Name

Arsenale SGR

Legal name

Arsenale Real Estate SGR spa

Website

https://arsenale-sgr.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Arsenale SGR is a Milan-based Italian asset manager (SGR) that runs closed-end real estate funds — AREUS I/II (US tech/creative) and AREFOOD (European food/GDO retail) — targeting qualified institutional investors with a 3-year average duration and a 26% IRR / 1.6x ROE track record.

Ownership category

akta.pro rank

Product category

Real Estate Fund Management

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

SIC

Investors, Nec (6799), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

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

Keywords

• Real estate fund management
• Alternative real estate investments
• Commercial property investment
• Closed-end real estate funds
• Value-add real estate strategies

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. Fund Management Fees: Arsenale SGR generates revenue through management fees charged to fund investors in its closed-end real estate funds (AREUS I, AREUS II, AREFOOD). The firm also benefits from performance-related returns demonstrated by the 26% IRR and 1.6x ROE metrics.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Arsenale SGR manages closed-end real estate investment funds (AREUS I, AREUS II, and AREFOOD) focused on non-traditional commercial property niches: US technology, biotech, aerospace, and creative-sector real estate, and European food and large-scale retail distribution (GDO) real estate. The firm provides qualified investors with access to assets that are difficult to invest in directly, offering structured 3-year duration funds with a reported 26% IRR and 1.6x ROE target.

Product overview

Arsenale SGR is an Italian real estate investment management company (SGR) offering a portfolio of non-traditional real estate investment strategies. The offering consists of three distinct funds: AREUS I and AREUS II (US-focused funds targeting tech and creative sector commercial real estate) and AREFood (a European food retail fund). These are complemented by two specialized investment strategies—R&D e Tech (investing in high R&D intensity markets, particularly US tech/biotech properties) and Food e GDO (targeting food and large-scale retail real estate in Europe, especially Italy). The firm manages a diversified portfolio of commercial properties across Italian locations (Milano, Ispra, Torino, Trieste, Curtatone, Nizza Monferrato) as well as US assets in California and Boston. The investment approach emphasizes 3-year average duration, 26% IRR target, and 1.6x ROE, with non-traditional niche strategies offering optimal risk/return profiles in assets difficult to access directly.

Differentiator

Problem solved

Functional benefit

Brands

• AREUS I: Real estate fund focused on US tech and creative sector properties.
• AREUS II
• AREFOOD

Products and services

• AREUS I

Quantifiable outcome

• 26% IRR achieved on fund strategies
• +1 more outcomes

Named customers5 records

Segments2 records

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.

• Compatriot CapitalcoreStrategic or Co-development Partner · 10 August 2022US-based asset manager partnering with Arsenale SGR on the AREUS I fund. Together they acquired a property in Burlington (Boston) for $84M, targeting the biotech/pharma sector growth trend. The partnership enables European investors to access US real estate opportunities through local market expertise.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Deka Immobilien: Major German real estate asset manager running open and closed-end real estate funds for institutional and retail investors. Comparable as a European real estate fund manager with multi-vehicle offerings.
• PATRIZIA SE: European real estate investment manager operating pan-European real estate strategies. Comparable as a manager offering European institutional investors access to non-traditional real estate exposure.
• Catella AB: European real estate investment manager with pan-European fund offerings across multiple property strategies. Comparable as a multi-fund European real estate manager.
• BNP Paribas Real Estate Investment Management: Pan-European real estate investment manager within BNP Paribas offering diversified real estate funds and mandates. Comparable as a large European real estate asset manager offering institutional funds across multiple strategies.
• Savills Investment Management: Global real estate investment manager running segregated accounts and pooled funds across Europe and Asia. Comparable as an institutional real estate fund manager offering multi-strategy exposure.

Direct peers

• Kryalos SGR: Italian alternative asset manager (SGR) running real estate and credit funds. Direct peer as another boutique Italian SGR with closed-end real estate vehicles targeting institutional and qualified investors.
• Coima SGR: Italian real estate investment manager focused on urban real estate and sustainability-led strategies. Comparable as a domestic SGR managing pooled closed-end real estate funds for institutional investors.
• InvestiRE SGR: Italian SGR operating real estate funds listed and unlisted, serving institutional and retail investors. Comparable as an Italian closed-end real estate fund manager with multi-fund platform.
• Dea Capital Real Estate: Italian real estate fund management platform (DeA Capital) operating alternative real estate funds in Italy. Directly comparable Italian SGR with closed-end fund vehicles.
• Prelios SGR: Italian SGR managing real estate alternative funds including credit and value-add strategies. Directly comparable as an Italian-domiciled real estate fund manager with multiple alternative vehicles.

Market position

Strengths4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/arsenale-sgr

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Arsenale SGR