Key Takeaways
- • Savills Investment Management SGR has received Bank of Italy authorization to launch direct lending operations in the Italian real estate market through a new alternative investment fund (AIF) platform, separate from its existing European debt strategy.
- • The €25.5bn AUM manager currently oversees €7.6bn in Italian real estate equity assets and generated €1.2bn in new acquisitions during FY 2025, positioning the debt expansion within an established institutional investor base of approximately 20 leading global institutions.
- • Giovanni Trespidi, an 11-year veteran of Italian real estate lending markets who joined Savills IM in 2021, will lead the new direct lending platform, focusing on income-producing assets across retail, industrial, logistics, office, and residential segments.
- • The platform targets institutional capital seeking direct lending solutions to Italian borrowers, with a product suite emphasizing income-generating real estate assets in food retail, Grade A office in Milan and Rome, Build-to-Rent developments, and sale-and-leaseback opportunities.
- • The debt market entry follows strong H1 2026 equity performance (€360mn acquisitions, €170mn disposals, €200mn capex invested) and represents a strategic diversification into credit origination and asset management alongside the firm's existing real estate equity portfolio.
Summary
Savills Investment Management SGR has formalized its entry into Italian real estate debt markets following regulatory approval from the Bank of Italy to manage Italian alternative investment funds focused on direct lending. The move represents a significant expansion for the €25.5bn AUM investment manager, establishing a dedicated Italian lending platform that operates independently from Savills IM's broader European debt strategy, Savills IM DRC.
The new platform will provide institutional investors with direct lending solutions targeting Italian borrowers, with particular emphasis on income-producing assets held by institutional capital. This positioning allows Savills IM to leverage its established presence in the Italian real estate market, where it currently manages €7.6bn in equity-based assets. The firm's existing institutional investor base—comprising approximately 20 leading global institutions—provides a foundation for origination, structuring, and asset management capabilities in the debt market.
Giovanni Trespidi, who has been with Savills IM since 2021, will lead the new lending initiative. Trespidi brings over 11 years of specialized experience in Italian real estate lending markets and AIF management, positioning him to navigate regulatory requirements and market dynamics in the Italian credit space. The platform's product suite reflects Savills IM's diversified equity strategy, targeting exposure across retail (with specific focus on food retail operated by leading Italian and international grocery chains), industrial and logistics assets including sale-and-leaseback transactions, Grade A office properties in Milan and Rome, and residential developments spanning Build-to-Rent, Build-to-Sell, and purpose-built student accommodation.
Savills IM's recent equity performance underscores momentum supporting the debt expansion. During FY 2025, the firm completed €1.2bn in acquisitions and deployed €200mn in capex for refurbishment and repositioning. The first half of 2026 maintained this trajectory with €360mn in acquisitions and €170mn in disposals, while maintaining what management characterizes as "wall of dry powder" for future deployment. The debt market entry diversifies the firm's revenue streams and allows capture of both equity and credit returns from the same institutional investor base operating within the Italian real estate landscape.
The new platform will provide institutional investors with direct lending solutions targeting Italian borrowers, with particular emphasis on income-producing assets held by institutional capital. This positioning allows Savills IM to leverage its established presence in the Italian real estate market, where it currently manages €7.6bn in equity-based assets. The firm's existing institutional investor base—comprising approximately 20 leading global institutions—provides a foundation for origination, structuring, and asset management capabilities in the debt market.
Giovanni Trespidi, who has been with Savills IM since 2021, will lead the new lending initiative. Trespidi brings over 11 years of specialized experience in Italian real estate lending markets and AIF management, positioning him to navigate regulatory requirements and market dynamics in the Italian credit space. The platform's product suite reflects Savills IM's diversified equity strategy, targeting exposure across retail (with specific focus on food retail operated by leading Italian and international grocery chains), industrial and logistics assets including sale-and-leaseback transactions, Grade A office properties in Milan and Rome, and residential developments spanning Build-to-Rent, Build-to-Sell, and purpose-built student accommodation.
Savills IM's recent equity performance underscores momentum supporting the debt expansion. During FY 2025, the firm completed €1.2bn in acquisitions and deployed €200mn in capex for refurbishment and repositioning. The first half of 2026 maintained this trajectory with €360mn in acquisitions and €170mn in disposals, while maintaining what management characterizes as "wall of dry powder" for future deployment. The debt market entry diversifies the firm's revenue streams and allows capture of both equity and credit returns from the same institutional investor base operating within the Italian real estate landscape.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.