The equity includes €100 million invested by Exor, the Turin-based main investment vehicle of Italy's Agnelli family and majority shareholder in the Fiat automaking group. The firm said the total equity provides Almacantar with an initial investment capability of €300 million. The agreement also foresees Exor investing an additional €50 million when Almacantar raises further equity. The new company, now fully operational, will focus on large-scale investment and development opportunities in the two largest office markets in Europe, London and Paris.

"We have built up a team with a deep understanding of the London and Paris markets and look forward to building Almacantar into a recognised brand," says Hussey. "Our investment strategy will focus on where we believe there to be best value." Added Jones: "We have concentrated on getting the right business model, investment strategy and relevant expertise. Our investors will not only participate in the asset returns but also in the business value we create."

Exor CEO Carlo Sant'Albanon said its investment is based on the specialist knowledge and track records of the two Almacantar principals. Exor, listed on the Italian Stock Exchange, has a net asset value of €5.9 billion.