Two sides of a single competence
AAC Partners – Investment & Development Management is an independent real estate investment and development management firm based in Milan. Alessandro Cezza and Andrea Carlo Sala are the founders and partners of a firm built to grow.
About us
Founded on a single conviction.
AAC Partners is founded on a single conviction: disciplined financial underwriting and rigorous technical execution are two sides of the same competence. Combining them within a single, independent structure creates the conditions for genuine value creation across the full transaction lifecycle.
AAC Partners originates, structures and accompanies transactions across the full lifecycle: sourcing opportunities ahead of the market, constructing the investment thesis, coordinating financing and legal structuring, overseeing technical execution and managing assets through to the optimal exit, with direct partner involvement at every stage.
AAC Partners is built around a combined skill set that covers the full range of competencies required in complex real estate: financial underwriting, transaction structuring, institutional investor relations, hands-on development management, technical due diligence and local market knowledge. We work together on every mandate, ensuring that clients always have direct access to both partners’ expertise.
By the numbers
€2.0bn
Investment managed
€1.0bn
Asset managed
40+
Years of combined experience
Why AAC Partners
Six founding principles
The convictions that shape how we work on every mandate.
01
Independence
AAC Partners operates as a fully independent firm, with the freedom to act exclusively in the interest of its clients and co-investors on every transaction. We are independent by conviction.
02
Integration
Financial and technical expertise are held within the same team, working from the same information toward the same objective — no gaps, no friction between disciplines.
03
Selectivity
A focused portfolio of concurrent mandates ensures direct partner involvement at every stage, from initial screening through to exit — a structural commitment to the depth of attention that complex transactions require.
04
Confidentiality
We manage sensitive information relating to assets, counterparties, strategies and relationships with absolute discretion at every stage of every engagement.
05
Network
Direct relationships with international private equity and credit funds, institutional vehicles, specialist operators, primary advisors and institutional lenders, built over twenty years in the Italian market.
06
Alignment
Every engagement is structured to ensure full alignment between our interests and those of our clients and co-investors. Our measure of success is the outcome of each transaction.
The team
Direct access to both partners, on every mandate
We work together on every mandate, ensuring clients always have direct access to both partners’ expertise — financial and technical, held within the same team.
20+
Years experience
€500m+
Development assets managed
5
Asset classes
Alessandro Cezza
Founding Partner
Alessandro Cezza brings over twenty five years of direct real estate development experience in Italy, spanning residential, commercial, hospitality and mixed-use assets across a photo wide range of scales and complexity.
He began his career in construction and project management, developing a thorough technical grounding in design coordination, site and contractor manager and cost management, with personal exposure to club deal investments, alongside private investor groups on the acquisition and development of real estate value add opportunities.
After graduating with an Executive MBA from SDA Bocconi, he subsequently joined Investire SGR, where he was Senior Project Manager for the development of assets held by an institutional fund, overseeing the entire development process, from design to the selection of contractors, site supervision and delivery.
As Development Director at 5 Club, he led the delivery of multiple hospitality assets across the Italian Alps, including Cervinia, Campiglio and Courmayeur, each completed with delivery timelines of under ten months each.
Most recently, as Development Director at Trophaeum Asset Management, he oversaw on the conversion of complex real estate assets into high-end hospitality and retail destinations in partnership with luxury brands.
Alongside his professional activity, Alessandro has been a founder and active participant in direct real estate investment, bringing to AAC Partners a practical understanding of the full ownership cycle and a well-developed network of local investors, operators and contractors.
15+
Years experience
€2.0bn+
Transaction volume
€500m
AUM managed
Andrea Carlo Sala
Founding Partner
Andrea Carlo Sala brings over fifteen years of experience in Italian commercial real estate, developed across institutional capital markets advisory and principal investment management for international private equity and credit funds.
He spent ten years in institutional capital markets advisory, rising to Head of Office Investment Properties Italy at CBRE. Over this period he advised on over €2.0 billion in sell-side and buy-side transactions on behalf of institutional core investors, insurance companies, sovereign wealth funds, family offices and value-add and opportunistic private equity funds.
As Managing Director – Co-Head of Business Development at Castello SGR, he sourced investment opportunities for the SGR’s institutional investor base, led the SGR’s promotion to new institutional investors and coordinated divestment processes across the funds under management, working closely with fund and asset management teams.
As Head of Acquisitions in Celtic AM he has covered the full investment cycle, origination, structuring, financing and asset management, across office, retail, hospitality, light industrial, PBSA and living, overseeing investments totalling approximately €600 million.
This combination, advisory, origination and principal execution, gives him a direct understanding of how each side of a transaction thinks and decides, from underwriting through to exit. It is this ability to combine financial discipline with technical execution that defines his approach to every mandate.
Work directly with the partners
For institutional investors, funds and family offices seeking an aligned, independent partner across the full transaction lifecycle.