MILAN, ITALY-Locally-based investment manager First Atlantic Real Estate is expanding post crisis and launching a new opportunistic fund targeting Italian office and 15% IRR. Its founder and CEO says the rewards lie in upgrading less-than-prime office to A-quality.

Daniel Buaron says First Atlantic, founded in 1998 and now 70% owned by Italy’s diversified De Agostini group, has $4.3 billion under management in 130-plus assets, of which $3.6 billion in Italian SGR closed funds and another $764.8 million managed for third parties. One primary client has been Whitehall Funds, the real estate arm of Goldman Sachs, but its fund is currently in a liquidation phase. First Atlantic Real Estate began raising its own funds in 2006.

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