Key Takeaways
- • Arrow Global acquires Borio Mangiarotti, a century-old Milan-based real estate developer and manager with a track record of over 500 completed buildings, to expand asset-backed lending capabilities in Italy.
- • The acquisition adds direct origination, planning, project management, and development expertise in Milan, strengthening Arrow's ability to source, underwrite, and execute asset-backed investment opportunities with greater control and consistency.
- • Borio Mangiarotti specializes in residential development, urban regeneration, and project management primarily across Lombardy, positioning Arrow to capitalize on Milan's status as one of Europe's strongest residential property markets.
- • The deal reflects Arrow's strategy of acquiring local operating platforms to deepen its European real estate and private credit business, following recent capital raises including a €4.2 billion fund for European private credit and real estate.
- • CEO and founder Zach Lewy emphasized that the acquisition strengthens Arrow's differentiated local operating model by combining discretionary capital with high-quality operating platforms to drive consistent, scaled execution.
Summary
Arrow Global, the European alternative asset manager founded in 2005, has acquired Borio Mangiarotti, a Milan-based real estate developer and asset manager, to enhance its Italian origination and asset-backed investment platform. The acquisition, announced July 16, 2026, represents a strategic expansion of Arrow's European real estate and private credit operations by integrating a century-old firm with deep local expertise in one of the continent's most robust residential markets.
Borio Mangiarotti brings substantial operational capabilities to Arrow's Italian platform. The firm has completed more than 500 buildings primarily across Lombardy and specializes in residential development, urban regeneration, and project management. By acquiring the company, Arrow gains direct control over sourcing, underwriting, and execution of asset-backed opportunities while building on its existing Italian real estate and private credit business. The acquisition adds critical local origination, planning, and development capabilities based in Milan, enabling Arrow to scale its investment activities with greater consistency and control.
The strategic logic underpinning the deal aligns with Arrow's broader European expansion strategy. The firm has been actively building local operating platforms across Europe, most recently raising €4.2 billion for European private credit and real estate investments. Milan remains a focal point for this strategy due to the strength of its residential property market, making Borio Mangiarotti's established presence and project pipeline particularly valuable. Zach Lewy, Arrow's founder, CEO, and chief investment officer, stated that the acquisition "strengthens our differentiated local operating model in Italy and enhances our ability to originate and execute attractive asset-backed opportunities with greater control and consistency at scale," underscoring how the deal fits Arrow's model of combining discretionary capital with high-quality local operators.
This acquisition is the latest in a series of bolt-on deals Arrow has executed to expand its European footprint. The company has previously expanded into Spain through the acquisition of Madrid-based Amitra Capital and into UK development lending through its investment in specialist lender Maslow, demonstrating a consistent approach to geographic and capability expansion through platform acquisitions.
Borio Mangiarotti brings substantial operational capabilities to Arrow's Italian platform. The firm has completed more than 500 buildings primarily across Lombardy and specializes in residential development, urban regeneration, and project management. By acquiring the company, Arrow gains direct control over sourcing, underwriting, and execution of asset-backed opportunities while building on its existing Italian real estate and private credit business. The acquisition adds critical local origination, planning, and development capabilities based in Milan, enabling Arrow to scale its investment activities with greater consistency and control.
The strategic logic underpinning the deal aligns with Arrow's broader European expansion strategy. The firm has been actively building local operating platforms across Europe, most recently raising €4.2 billion for European private credit and real estate investments. Milan remains a focal point for this strategy due to the strength of its residential property market, making Borio Mangiarotti's established presence and project pipeline particularly valuable. Zach Lewy, Arrow's founder, CEO, and chief investment officer, stated that the acquisition "strengthens our differentiated local operating model in Italy and enhances our ability to originate and execute attractive asset-backed opportunities with greater control and consistency at scale," underscoring how the deal fits Arrow's model of combining discretionary capital with high-quality local operators.
This acquisition is the latest in a series of bolt-on deals Arrow has executed to expand its European footprint. The company has previously expanded into Spain through the acquisition of Madrid-based Amitra Capital and into UK development lending through its investment in specialist lender Maslow, demonstrating a consistent approach to geographic and capability expansion through platform acquisitions.
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