ITALY – Deutsche Bank’s DB Real Estate arm has bought New Real, the property company of the Italian energy group Enel.

“The total value of the transaction is equal to 1.4 billion euros for a real estate portfolio of 887 assets, primarily leased to Enel Group subsidiaries,” DB said in a statement.

“The transaction is one of the largest ever concluded in Italy for the DB Real Estate Global Opportunities fund, and managed by the DB Real Estate Opportunities Group (REOG) in conjunction with its partner in this investment, CDC-Ixis.”

“Through this transaction the DB Real Estate Opportunities Group has underlined our continued interest and commitment to the Italian real estate market, as well as the breadth and depth of our investment and asset management capabilities, in Italy and across the world,” said Chris Papachristophorou, director of the opportunities group.

DB Real Estate is part of Deutsche Bank’s Deutsche Asset Management.