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DeA Capital is a leading european provider of alternative asset management solutions for professional investors, offering best-in-class investment services and products.

Significant growth
in alternative business fields

The platform is involved in the management and development of real estate, private equity and debt investment funds as well as multi-asset/multi-manager solutions for institutional investors.

The real estate division manages an investment portfolio of approximately 11.7 billion euros with an international team of approximately 150 employees, which is represented locally in Germany, France, Italy, Poland and Spain.

In Germany, the branches in Frankfurt and Munich manage investment solutions in the areas of listed REITs and indirect real estate funds with a global or pan-European, but also national focus.

Real Estate
12.9 Bln

55 funds
~700 properties
Rent ~360 m

3.1 Bln

4 funds
30 companies
GBV >€30 Bln

Private equity
2.4 Bln

13 funds
>100 T-P funds
>1000 Company

Multi-Asset | Manager
8.2 Bln

15 internal pools
38 T-P pools
~80 customers

Our Company, leader in the sector, must use its own expertise, products, services and relations to support and accelerate the changes that are fundamental for our economy and necessary to achieve shared prosperity for both current and future generations. For this reason, we firmly believe that incorporating ESG factors in our investments and products is the winning choice for a sustainable future.

Emanuele CaniggiaCEO DeA Capital Real Sgr

Leader in the application
of ESG principles



Acting responsibly and promoting sustainability in the sector as an investor signatory of UN PRI, adopting a responsible approach to investment to create value and increase industry awareness of the benefits deriving from valorisation of ESG issues.



Placing people at the centre by investing in the well-being and professional growth of the people who are part of DeA Capital, ensuring a work environment that fosters professional growth and the ability to attract and retain new talents.


Efficient Properties

Developing, redeveloping and managing properties that are efficient and sustainable, pursuing energy efficiency objectives and reducing the consumption of resources and actively contributing to the transition towards a low carbon economy.


Sustainable Cities

Proactively participating in the creation of sustainable cities of the future aiming at sustainable and inclusive urbanisation, benefiting from the integration of digital and technological innovations.

By adhering to the Principles of Responsible Investment and defining a sustainability strategy, DeA Capital Real Estate SGR is committed to integrating ESG issues at all operational levels, both on behalf of the AMC and for the AIFs it manages.

Our self-imposed goals are based on the European climate path and on a continuous evaluation to exceed the legal requirements.

sector know-how

Investment products

  • Core / Core + Funds
  • High standing, income-producing properties in the main European cities
  • Single fund with €2Bn+ AUM

Value Add Fund

  • Focus on logistics, with strong interest by investors
  • More than 10% of AUM dedicated to Logistic & Light Industrial
  • Single logistic fund with over €700M AUM raised in 1Q 2021

Development projects

  • Development projects of commercial properties
  • 3 active projects, with total capex for ~€500M

Synergy of expertise

Extensive Range of Products, with various Risk Profiles
In-depth market knowledge with a wide network of relationships
Modern compliance, risk management and SDG/ESG investment policy
Strong and resilient balance sheet

DeA Capital Real Estate Germany

Emanuel Dubini, CEO, DeA Capital Real Estate Germany

Emanuele Dubini

Dea Capital Real Estate Germany and France

In 2018, Emanuele Dubini joined DEA Capital Real Estate (“Dea”) as Managing Partner of the International business and since then has significantly grown Dea into a fully capable Pan-European investment management firm. Since 2023 Ema leads the German team.

Ema led the implementation of this international network of new offices in Italy, France, Spain, Portugal, Germany and Poland. These vertically integrated investment management teams are led by senior local managing partners and have grown Dea’s AUM to over €12BN today.

The real estate asset classes being acquired and managed range from core portfolios to value add and even opportunistic, including a broad range of different asset types (office, residential, industrial, student housing, etc.).

Prior to joining Dea, Ema was the President of FREO France, a new investment management office of the FREO Group in Germany. Ema was subsequently responsible for expanding the management footprint of FREO to include new offices in Portugal, Spain and Italy.

Ema’s 25 years of experience also includes previous roles as CEO for GE Capital Real Estate in France, Italy, Spain, Portugal and Benelux for equity and lending activity, BNP Paribas Real Estate and BNL Fondi Immobiliari heading the Capital markets team, and Managing Director of Asset Management at Pirelli RE and Board Member of selected Italian JVs between Pirelli Re and the Morgan Stanley Real Estate Fund.

Managing Director

Dr. Wolfgang Speckhahn

Dr. Wolfgang Speckhahn is based in Munich and is responsible for the business development and strategy of the operational activities of DeA Capital Real Estate in the D/A/CH regions as well as for the areas of investment and products including sales. He has many years of professional experience in international real estate markets and has held various operational and management positions in the real estate and finance industry.

Wolfgang graduated in law from the University of Cologne and was admitted to the German Bar in 1993, specialising in tax law. He holds a postgraduate degree in real estate from the European Business School (Oestrich-Winkel) and a Master’s degree in International and European Business Law (LL.M.) and a Doctor of Philosophy (PhD) for a dissertation on the tax treatment of REITs. Dr Speckhahn is admitted to the Munich bar and is a specialist in tax law. He is also a member of the Royal Institution of Chartered Surveyors (MRICS) as well as the Tax Committee of EPRA.

Manager Business Development

Alexander Herlinger

Alexander Herlinger is based in Munich and is responsible for acquiring new business as well as raising capital, building and maintaining key client relationships in the European region. He also plays a supporting role in product development and management. Prior to joining DEA Capital, Alexander gained several years of professional experience in asset management and sales.

Alexander studied at London South Bank University and San Diego State University and holds a Master’s degree in International Finance and Investment. He also holds a Bachelor’s degree in Business Administration from Landshut University of Applied Sciences.

Director Portfolio Management Real Estate

Emmanuel O. Steinbeis

Emmanuel O. Steinbeis is based in Munich and is responsible for the portfolio management of DeA Capital Real Estate’s funds and the operational implementation in the areas of investment strategy, framework, structuring and performance, including sales and business development support. He has many years of professional experience advising companies in resource- and capital-intensive industries, and as a portfolio manager real estate in institutional investment and transactional in European and US environments.

Emmanuel started his studies in Business Administration (Dipl.-Kfm.) at the University of Augsburg and graduated from ESCP-Europe and City University London in Paris, Oxford and Berlin. He also holds a Master of Science from the TU Munich in sustainable resource management. His thesis at the interface of Harry Markowitz’s portfolio theory and its transfer to natural resources was awarded the Karl-Abetz Förderpreis.

Senior Advisor Logistics

Arthur Tielens

Arthur Tielens holds a Master’s degree in Law (LL.M.) from Leiden University (The Netherlands) and a Master’s degree in Real Estate Economics (MRE) from the University of Amsterdam/SBV School of Real Estate. He is a certified member (MRICS) and fellow (FRICS) of the Royal Institution of Chartered Surveyors (FRICS). He is fluent in English, French, German, Dutch and has a basic knowledge of Spanish.

Arthur has more than 25 years of experience in real estate. He has held various senior positions as portfolio and asset manager with several large real estate companies.

He has held positions at Aberdeen, Goodman Group, Valad and Patrizia, among others.

Director Investment Management

Jens Zimmermann

Jens Zimmermann is based in Munich and is responsible for asset management and thus for the development of value-adding activities of DeA Capital Real Estate in the D/A/CH regions. He has more than 7 years of professional experience in the European real estate markets, strategically managing properties across all asset and risk classes with a total value of more than €2 billion and acquiring commercial properties with a total value of more than €100 million in 3 different countries.

Jens studied international management at the International School of Management in Frankfurt with a focus on finance and accounting and graduated in 2016.

Asset Manager

Urh Lukman

Urh Lukman is based in Munich and is responsible for the development and operational implementation of the asset strategy for the UrbanMILE product (leasing strategies, budgets & derivation) as well as market and location analyses and ensuring compliance with regulatory requirements. He has professional experience in advising clients on large real estate development and transaction projects.  Furthermore, he has professional experience from the start-up world in Berlin, where he worked for a market-leading Q-Commerce scale-up on expansion projects in Germany.

Urh comes from Slovenia, where he completed his law studies at the University of Ljubljana with a master’s thesis on artificial intelligence and law. During his studies, he deepened his knowledge of German business law at the Ludwig Maximilian University in Munich.


Alessandro Sollazzo

Alessandro Sollazzo is based in Munich and is an Investment Analyst at DeA Capital Real Estate Germany. He has gained past experience in private equity/public equity through various internships during his academic career, especially in Asia (China and Singapore). He has also gained some experience in controlling and accounting, thanks to his experience at Elica GmbH as a Junior Credit Controller.

Alessandro graduated from the University of Trieste with a major in Finance and Insurance Markets. He is a postgraduate at the National University of Singapore with a major in Finance.

Ask our
international clients

DeA Capital Real Estate Germany GmbH is authorised in the context of investment brokerage of and investment advice in financial instruments pursuant to § 2 para. 2 No. 3 and No. 4 of the Securities Institutions Act ("WpIG") as a contractually bound intermediary pursuant to § 3 para. 2 WpIG acts exclusively for the account and under the liability of AHP Capital Management GmbH, Weißfrauenstraße 12-16, 60311 Frankfurt am Main, (“AHP”). Further information on the investment services offered can be found here.