The resignation of Emanuele Caniggia opens a new and delicate phase for Dea Capital Real Estate, the real estate sgr of the De Agostini group. The board of directors meeting yesterday marked a turning point: the manager resigned as CEO, but remained on the board, while operational functions were entrusted to Andrea Casarotti to ensure continuity. A temporary solution, intended to steer the company towards a complete renewal of the leadership imposed by the Bank of Italy following the results of the anti-money laundering risk inspection.
CANIGGIA’S STEP BACK AND THE CASAROTTI SOLUTION
Caniggia “has handed back his powers as CEO to the board of directors,” reads the official statement, retaining his position as director, while the board granted Casarotti “the powers necessary to ensure the coordination of the activities of the various company functions and the operational continuity of the company.”
This marks the start of a transitional management, pending the shareholders’ meeting called to renew the bodies, which must be convened shortly at the request of the Bank of Italy.
BANKITALIA’S REQUESTS TO DEA CAPITAL SGR
The upheaval stems from the Bank of Italy inspection concluded in December 2025. The investigations revealed exposure to money laundering risk that required drastic measures.
Palazzo Koch demanded a remediation plan, strengthening of control functions, a new business plan, and above all the overhaul of governance. The turnover must involve the majority of the board of directors and the board of auditors, including the chairman and the CEO.
The new leadership must consist of profiles completely external to the previous management and with specific expertise in anti-money laundering. Among the requests is also the halt to launching new funds aimed at non-institutional clients and the drafting of a detailed action plan.
The sgr has already stated that it “will take every necessary action to promptly comply with the Authority’s requests,” signaling its intention to quickly align with the requirements.
APPROVAL OF THE ALPHA FUND ACCOUNTS AND THE MENTION IN THE BOARD OF AUDITORS’ REPORT
Among the most sensitive dossiers is the Alpha real estate fund, listed on the Miv segment of Borsa Italiana, the market for funds and investment vehicles, and among the most exposed on the market. The issue is not so much the recent performance but the context in which it is set.
The board approved the fund’s report as of March 31, 2026. And here comes the company’s line: according to the communication, “no significant changes have occurred in the composition” of the fund’s portfolio “that have affected the economic result of the period.”
Moreover, the sgr specified that the measures requested by the regulator have no effect on the current management of the funds. A clarification aimed at reassuring the market, especially about Alpha, which remains one of the most visible instruments on the platform.
However, another element remains in the background. In the board of auditors’ report on the 2024 financial statements – as highlighted today by Il Sole 24 Ore – reference is made to an extraordinary audit requested by the Bank of Italy on operations and subjects linked to the Third Eye fund, a further sign of increased supervisory attention.
THE PROFILE OF THE NEW CEO CASAROTTI
Andrea Casarotti is an internal figure within the De Agostini group with a transversal profile. He is Head of Strategy and Business Development of the holding company and a board member of Dea Capital Alternative Funds.
His role places him at the center of the group’s strategies, not only in real estate but also in other areas of asset management. A choice that indicates the parent company’s intention to maintain direct oversight during this phase.
His appointment appears to be a temporary stewardship, intended to ensure continuity until the new board is appointed.
CANIGGIA’S CAREER
Emanuele Caniggia, born in 1965, was for over a decade the operational face of the sgr. After founding Abaco Servizi in the 1990s and contributing to the growth of Abaco Team, sold to Gabetti, he continued his career between entrepreneurship and board positions within the Gabetti group.
In 2012 he launched Innovation Real Estate together with DeA Capital and since 2014 has been CEO of Dea Capital Real Estate Sgr. Under his leadership, the company reached about 12 billion in assets under management, consolidating its position in the market.
SGR FIGURES: ASSETS, PROPERTIES, ASSET MIX
Dea Capital Real Estate Sgr is today the leading independent operator in real estate asset management in Italy. It manages about 12 billion euros of assets through over 50 real estate funds and dedicated vehicles.
The portfolio includes about 700 properties covering over 5 million square meters in total. More than 60% of the assets are concentrated between Rome and Milan, confirming the centrality of the two main Italian urban markets.
The asset composition shows a clear prevalence of offices (about 60%), followed by retail and bank branches (about 13%) and logistics and industrial (about 7%). In recent years, the sgr has progressively expanded exposure to new segments: hotels, rental residential, student housing, healthcare, and nursing homes.
Moreover, over 400,000 square meters of developments and conversion projects are underway or completed, signaling a strategy oriented not only to management but also to asset transformation.
The investor base counts about 100 institutional entities. Among these are major Italian banks, pension funds, and insurance companies, as well as international investors such as Oaktree, Apollo, Tpg Real Estate, and York Capital Management.
PARTNERS, JOINT VENTURES AND TRANSACTIONS
The partner network reflects the platform’s scale. Among the financiers are groups such as UniCredit, Intesa Sanpaolo, Banco Bpm, Bnp Paribas, Credit Suisse, and Bank of America.
On the transaction front, the sgr has developed increasingly complex initiatives in recent years. From logistics platforms to international joint ventures, up to student housing and hospitality projects.
Among the most recent transactions, initiatives with global institutional investors and partnerships with international operators for real estate projects in Europe.
DEA CAPITAL: ASSETS, ACTIVITIES AND FIGURES
The real estate sgr is controlled by DeA Capital, the financial hub of the De Agostini group specialized in alternative asset management. Activities are divided among real estate, credit, and multi-manager solutions.
In 2024 DeA Capital reported a year characterized by “significant results,” as stated in the De Agostini group’s consolidated financial statements, both in real estate and alternative funds, with significant growth in the credit segment and winning the tender for managing Poste Italiane’s logistics assets.
Within the group, DeA Capital thus represents the core of financial activities, alongside publishing, media, gaming, and pharmaceuticals.
The group’s consolidated figures show revenues of about 2.7 billion euros, an operating result of 690 million, and a net profit of 441 million. The net financial position is negative by about 4.7 billion. In this context, asset management remains one of the strategic pillars.
