DeA affilate sells offices in Rome for €175m

First Atlantic Real Estate has sold two office properties in the Italian capital from its listed closed-ended fund, Berenice. The firm was taken over by private equity fund manager DeA Capital last summer, as it sought to expand into real estate.

A closed-end real estate investment fund managed by First Atlantic Real Estate has sold two offices in Rome to real estate firm Immobiliare Caltagirone in a €175 million ($225 million) deal.

The offices in Via Tomicelli and Via Bissolati were sold for €78 million and €96 million respectively, according to a statement.

The listed fund, called Berenice, will distribute €39 million to its unit holders.

Private equity fund manager DeA Capital acquired First Atlantic Real Estate in July this year. DeA runs two private equity funds, and bought First Atlantic Real Estate in a bid to expand its platform into real estate.

First Atlantic Real Estate operates four funds, two of which are listed, including Berenice. In July, FARE's total assets were valued at €2.8 billion.