Our Funds
BLUE SGR is an Alternative Asset Manager, specialising in real estate and credit investment funds. As of July 2023, it had Euro 2.2 billion in assets under management spread over 21 Funds and 1 SICAF.
- ACHESO LAGUNE FUND
- ACHESO LAGUNE 2 FUND
- ALBA FUND
- ALBA 2 FUND
- ALBA TRADING FUND
- ALBA 2 TRADING FUND
- ALMA LMB ITALIA FUND
- CHIRONE FUND
- CIVES FUND
- DANTE FUND
- EMILIA FUND
- FLAMINIA FUND
- FLAMINIA CORE FUND
- FLAMINIA HOTEL FUND
- IAM CAPITAL ITALIA 1 FUND
- LAGUNE PASITHEA FUND
- LEOPARDI FUND in liquidation
- Logistic Opportunities Fund Italy FUND
- MoLeCoLa FUND
- URBAN MILE FUND
- ANDORA MARE FUND
- APW infra SICAF S.P.A.
ACHESO LAGUNE FUND
Acheso Lagune Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 5 July 2016. The Fund aims to maximise returns for the unitholder by investing in RCHs leased to high-standing operators. As of today, the Fund consists of 7 properties mainly used as Residential Care Homes (RCHs), located in Lombardy and Piedmont, with a total of about 1,100 beds.
| SUMMARY | |
| Type | Closed-End Real Estate Fun | d
| Start | 18/07/2016 |
| Number of Asset | 7 |
| Main use | RSA |
| Duration | The Fund will expire on 31 December 2031 |
ACHESO LAGUNE 2 FUND
Acheso Lagune 2 Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 30 May 2018. The Fund aims to maximise returns for the unitholder by investing in RCHs leased to high-standing operators. As of today, the Fund consists of 1 property mainly used as a Residential Care Home (RCH), located in Veneto, with a total of 185 beds.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Avvio | 06/11/2018 |
| Number of Asset | 1 |
| Main use | RSA |
| Durata | The Fund will expire on 31 December 2033 |
ALBA FUND
Alba Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 26 October 2017. The Fund’s objective is the disposal and valorisation of real estate assets. To date, the Fund consists of 39 mixed-use properties, mainly for residential/commercial/production use, located in the regions of Calabria, Lombardy, Marche, Tuscany, Piedmont, Sardinia, Sicily, Trentino and Umbria.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 01/03/2018 |
| Number of Asset | 39 |
| Main use | Residential/commercial/craftwork |
| Duration | The Fund will expire on 31 December 2027 |
ALBA 2 FUND
Alba 2 Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 28 March 2019. The Fund’s objective is to invest its capital resources in real estate securing impaired loans and in NPLs/UTPs with underlying real estate, for subsequent valorisation activities to be implemented also through development operations aimed at fractional sales. To date, the Fund consists of 22 mixed-use mainly residential/production properties located in Lombardy, Marche, Apulia, Sardinia and Tuscany.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 16/07/2019 |
| Number of Asset | 22 |
| Main use | Residential/commercial/production/service |
| Duration | The Fund will expire on 31 December 2027 |
ALBA TRADING FUND
Alba Trading Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 28 March 2019 The Fund’s objective is to invest its capital resources in real estate securing impaired loans and in NPLs/UTPs with underlying real estate, for subsequent valorisation activities and fractional sales. To date, the Fund consists of 10 mainly residential/production properties located in the regions of Marche and Tuscany.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 07/03/2018 |
| Number of Asset | 33 |
| Main use | Residential/commercial/craftwork |
| Duration | The Fund will expire on 31 December 2027 |
ALBA 2 TRADING FUND
Alba Trading Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 28 March 2019 The Fund’s objective is to invest its capital resources in real estate securing impaired loans and in NPLs/UTPs with underlying real estate, for subsequent valorisation activities and fractional sales. To date, the Fund consists of 10 mainly residential/production properties located in the regions of Marche and Tuscany.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 27/09/2019 |
| Number of Asset | 10 |
| Main use | Residential/commercial |
| Duration | The Fund will expire on 31 December 2027 |
ALMA LMB ITALIA FUND
Alma LMB Italia Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 9 June 2020. The Fund aims to invest its capital resources in retail properties with a Core profile located in Italy.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 09/09/2020 |
| Number of Asset | 11 |
| Main use | Commercial |
| Duration | 31 December 2045 |
CHIRONE FUND
Chirone Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established following the merger of the Athena and Moro Real Estate Funds at the end of 2013.
The Fund’s objective is to invest in mainly income-producing real estate as well as the valorisation of real estate assets.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 15/11/2013 |
| Number of Asset | 34 + 2 controlling interests in real estate |
| Main use | Commercial/Office/Residential |
| Duration | The Fund will expire on 31 December 2040 |
To date, the Fund consists of 34 mainly commercial properties.
CIVES FUND
Cives Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 4 June 2014.
The Fund aims to invest its capital resources in operations pursuing a social purpose.
To date, the Fund consists of 17 properties located in the Marche region. In terms of investment, 60% is residential and 40% is invested in Social Welfare Residences.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 18/03/2015 |
| Number of Asset | 17 |
| Main use | Social housing/RCHs |
| Duration | The Fund will expire on 31 December 2041 |
DANTE FUND
Dante Retail Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 3 December 2004. The Fund’s objective is to invest its capital resources in real estate primarily for retail use with a Core Plus profile. To date, the Fund consists of 19 commercial properties throughout Italy.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 26/07/2005 |
| Number of Asset | 19 |
| Main use | Commercial |
| Duration | The Fund will expire on 31 December 2025 |
EMILIA FUND
Emilia Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 28 April 2010.
The Fund’s objective is to invest the capital raised, creating value through proper management and subsequently divesting the investments made.
To date, the Fund consists of the “Montedoro Shopping Centre” near Trieste.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 15/11/2010 |
| Number of Asset | 1 + 1 controlling interest in real estate |
| Main use | Commercial |
| Duration | The Fund will expire on 31 December 2029 |
FLAMINIA FUND
Flaminia Fund is a Multi-Compartment Closed-End Italian Real Estate Alternative Investment Fund, reserved for professional investors, established in 2009. The Fund’s objective is to dispose of the real estate assets contributed over time by the unitholder. The Fund recently underwent an extraordinary merger by incorporation of the Focus Fund. To date, therefore, the Fund consists of 29 mainly residential properties with low profitability.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 21/12/2009 |
| Number of Asset | 29 |
| Main use | Residential |
| Duration | The Fund will expire on 21 December 2039 |
FLAMINIA CORE FUND
Flaminia Core Fund is a Multi-Compartment Closed-End Italian Real Estate Alternative Investment Fund, reserved for professional investors, established in 2017. The Fund’s objective is to maximise the returns for the unitholder by investing in trophy assets in prime locations and with high-standing tenants.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 30/11/2017 |
| Number of Asset | 8 |
| Main use | Service |
| Duration | The Fund will expire on 21 December 2039 |
FLAMINIA HOTEL FUND
Flaminia Hotel Fund is a Multi-Compartment Closed-End Italian Real Estate Alternative Investment Fund,
reserved for professional investors, established in 2025. The Fund’s objective is to returns for the unitholder
with the investment in luxury tourist accommodation facilities in leading locations and with high standing
tenants.”
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 01/04/2025 |
| Number of Asset | 1 |
| Main use | Tourism/Hospitality |
| Duration | The Fund will expire in 2039 |
IAM CAPITAL ITALIA 1 FUND
Iam Capital Italia 1 Fund is a Closed-End, Reserved Italian Real Estate Alternative Investment Fund established on 1 July 2021. The Fund will invest in income-producing properties to be redeveloped with a mainly residential use, broken down between flats to be rented out on a long-term or short-term basis in prime locations and, residually, office buildings to be repositioned on the market, focusing mainly on Milan and Rome with an investment target of Euro 100 million over the next 24 months.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 07/07/2021 |
| Number of Asset | 4 |
| Main use | Residential/Service |
| Duration | The Fund will expire on 31 December 2029 |
LAGUNE PASITHEA FUND
Lagune Pasithea Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 28 June 2016. The Fund aims to invest its capital resources in tourism-accommodation or RCH properties with a Core/Core+ profile located in Italy.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 28/06/2016 |
| Number of Asset | 6 |
| Main use | Tourism/Hospitality |
| Duration | The Fund will expire in 2036 |
LEOPARDI FUND in liquidation
Leopardi Fund is a Closed-End Real Estate Alternative Investment Fund reserved for professional investors, established on 11 December 2014.
The Fund’s objective is the disposal of underlying assets.
To date, the Fund is in liquidation and consists of 2 properties and 2 controlling investees.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 23/12/2014 |
| Number of Asset | 2 + 2 controlling interests |
| Main use | Office |
| Duration | The Fund will expire on 31 December 2025 |
FONDO Logistic Opportunities Fund Italy
LOFI Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 26 May 2021.
The Fund’s objective is to invest its capital resources in income-producing or to be developed logistics properties with a Core+ profile in Italy.
| SUMMARY | |
| Type | Closed-End Reserved Real Estate Alternative Investment Fund |
| Start | 22/10/2021 |
| Number of Asset | 2 |
| Main use | Logistics |
| Duration | 31/12/3031 |
FONDO MoLeCoLa
MoLeCoLa Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 24 November 2021.
The Fund’s objective is to invest its capital resources in areas to be redeveloped for primarily residential, logistics and office use with a Value Add profile in Italy.
| SUMMARY | |
| Type | Closed-End Reserved Real Estate Alternative Investment Fund |
| Start | 28/12/2021 |
| Number of Asset | N.A. |
| Main use | Student Housing, Residenziale, retail, Offices, Co-Working |
| Duration | 8 years from the closing dat |
URBAN MILE FUND
Urban Mile Fund is a Closed-End Italian Real Estate Alternative Investment Fund reserved for professional investors, established on 14 December 2021.
The Fund’s objective is to invest its capital resources in areas to be redeveloped for primarily logistics/industrial use with a Value Add profile in Italy.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 25/02/2022 |
| Number of Asset | 1 |
| Main use | Logistics |
| Duration | The Fund will expire in 2039 |
ANDORA MARE FUND
The Andora Mare Fund is a closed-end Italian real estate alternative investment fund, reserved for professional investors, established on December 3, 2024. The Fund aim is to invest its capital resources in urban and building redevelopment, involving the complete demolition of existing structures and the construction of four primarily residential buildings, with a total gross floor area of approximately 7,000.00 square meters in the municipality of Andora Mare (IM), Italy.
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 03/12/2024 |
| Number of Asset | 1 |
| Main use | Residential |
| Duration | The Fund will expire on 31 December 2034 |
APW infra SICAF S.P.A.
APW Infra SICAF S.p.A. is a closed-end, reserved Italian real estate alternative investment fund (AIF), established on April 4, 2023. The SICAF aims to invest its capital resources through the acquisition and management of real estate assets, including land and buildings intended for tertiary/office or industrial/production use (such as warehouses, archives, laboratories, and technical premises), including land and buildings used as technology hubs, offices and/or otherwise designated for use by operators in the telecommunications sector. As of today, the SICAF is composed of 120 telephone exchange sites located throughout the national territory
| SUMMARY | |
| Type | Closed-End Real Estate Fund |
| Start | 04/04/2023 |
| Number of Asset | 120 |
| Main use | Telephone switchboard |
| Duration | The Fund will expire on 31 December 2040 |
