DeA Capital Re, for Bankitalia there is a 'money laundering risk' on the Sgr

A remedial plan, a new business plan and a resetting of top management and company officers. DeA Capital Real Estate Sgr - manager, among others, of the listed fund Alpha - received from the Bank of Italia the report with the results of the inspections concluded in December 2025. In particular, the inspection found an exposure for the Sgr to the risk of money laundering (AML) and the need to take urgent action, according to the measure received.

Given the imminent expiry of the corporate offices, Bankitalia asked for a joint meeting of the SGR's Board of Directors and Board of Statutory Auditors to convene the Shareholders' Meeting, with the assessment of the findings of the inspections and the replacement of the majority of the members of the Board of Directors and Board of Statutory Auditors on the agenda, including the chairman Gianluca Grea and the managing director Emanuele Caniggia, with members who have not previously held offices or operational roles at the SGR and with the presence of at least one director with solid skills in the area of AML. In addition to Grea and Caniggia, the board of directors includes Daniela Becchini, Stefania Boroli, Gianandrea Perco, Severino Salvemini and Andrea Casarotti. The chairman of the supervisory board is Gian Piero Balducci, the statutory auditors are Barbara Castelli and Annamaria Esposito Abate, the alternate auditors Fabiana Basile Gianni Poggi.

It also asked for an action plan, the guidelines for which were provided, including a plan to remedy the findings of the Bank of Italia, an assessment of the strengthening of the organisational structure and staffing of the control functions, and a new business plan that would also take into account the increased costs. Bankitalia has also requested a refraining from launching new funds for non-institutional clients. A clarification that leaves the SGR, however, the possibility of continuing to carry out its activities, including the establishment of new funds intended for professional investors, who, among other things, represent the main interlocutors on the development projects underway by the companies. With specific regard to the Alpha Fund, the SGR - in a note - explains that 'the measure has no impact on ongoing management'.

The SGR also added that it "will take any action necessary to comply without delay with the Authority's request" and that it "will offer the authorities any desired cooperation and reserves the right to take any other initiative that will be appropriate for the full protection of its own interest and that, as a priority, of subscribers. Interventions that - the company goes on to emphasise - do not affect the patrimonial solidity nor the continuity of the management of the existing funds.

DeA Capital Real Estate Sgr Spa is an asset management company specialising in alternative real estate investment funds. It manages approximately EUR 12 billion in assets, covering a total of 5 million sqm, through 50 real estate funds (one of which is listed in the Miv segment of the Italian Stock Exchange) and two Sicaf. DeA Capital Real Estate Sgr is a leader in the Italia real estate market, with assets consisting of approximately 700 properties, more than 60% of which are located between Rome and Milan, and over 400,000 sqm between new developments and reconversions, as well as an important portfolio of partners, consisting of approximately 100 Italian and international institutional investors.
The majority share of Dea Capital Re Sgr's real estate assets is made up of offices (approximately 60%), followed by retail and bank branches (approximately 13%), industrial and logistics (approximately 7%), but there is a growing number of developments from hotels (such as the Four Seasons in Rome) to housing, and nursing homes and RSAs. Last December, it launched a Sicaf with M&G in the logistics sector, while the JV with Invesco, which Banque des Territoires has joined, is committed to a large student housing project in Paris, an investment of around EUR 300 million.