The equity includes €100 million invested by Exor, theTurin-based main investment vehicle of Italy's Agnelli family andmajority shareholder in the Fiat automaking group. The firm saidthe total equity provides Almacantar with an initial investmentcapability of €300 million. The agreement also foresees Exorinvesting an additional €50 million when Almacantar raises furtherequity. The new company, now fully operational, will focus onlarge-scale investment and development opportunities in the twolargest office markets in Europe, London and Paris.

"We have built up a team with a deep understanding of the Londonand Paris markets and look forward to building Almacantar into arecognised brand," says Hussey. "Our investment strategy will focuson where we believe there to be best value." Added Jones: "We haveconcentrated on getting the right business model, investmentstrategy and relevant expertise. Our investors will not onlyparticipate in the asset returns but also in the business value wecreate."

Exor CEO Carlo Sant'Albanon said its investment is based on thespecialist knowledge and track records of the two Almacantarprincipals. Exor, listed on the Italian Stock Exchange, has a netasset value of €5.9 billion.