Independent.
Integrated.
Aligned.

An independent real estate investment and development management firm based in Milan, founded by Alessandro Cezza and Andrea Carlo Sala.

Our Activities

The glazed peak of a high-rise building against the sky

Our conviction

Disciplined financial underwriting and rigorous technical execution are two sides of a single competence.

Combining them within a single, independent structure creates the conditions for genuine value creation across the full transaction lifecycle.

Financial Rigour

Institutional-grade underwriting and deal structuring, built on over 40 years of combined experience in Italian real estate. Every transaction is evaluated through proprietary, bottom-up underwriting, stress-tested across scenarios.

Technical Execution

End-to-end development management, from feasibility through delivery, managed in-house and directly by the founding partners — technical ambition balanced with financial discipline.

Full Alignment

Every engagement is structured so our interests are fully aligned with those of our clients and co-investors. Our measure of success is the outcome of each transaction.

By the numbers

€2.0^bn

Investment managed

€1.0^bn

Asset managed

40⁺

Years of combined experience

What we do

Three areas of specialisation

Investment Management

Development Management

Asset Management & Transaction Structuring

People & leadership

Decades of experience

We work together on every mandate, ensuring clients always have direct access to both partners’ expertise.

Alessandro Cezza

Founding Partner

Andrea Carlo Sala

Founding Partner

Meet the team

Where we’ve delivered

Projects across Italy

Each marker is a project originated, structured, advised upon or developed by the founding partners — prior to and independently of the establishment of AAC Partners.