Independent.
Integrated.
Aligned.
An independent real estate investment and development management firm based in Milan, founded by Alessandro Cezza and Andrea Carlo Sala.
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
€2.0bn
Investment managed
€1.0bn
Asset managed
45+
Years of combined experience
What we do
Three areas of specialisation
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
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. Hover a marker for the projects behind it.
- Office
- Logistics & Industrial
- Hospitality
- Residential
- PBSA & Life Sciences
Courmayeur
- Plan Chécrouit Hospitality Project Management
Cervinia
- Plan Maison Hospitality Project Management
Madonna di Campiglio
- Nambino Hospitality Project Management
Trieste
- Repubblica Hospitality Feasibility Study
Milano
- Bramante Residential Project Management
- Broletto Residential Sell Side Advisory
- Canova Residential Project Management
- Carlo Bo Office Sell Side Advisory
- Castel Morrone Residential Project Management
- Cavour Office Sell Side Advisory
- Cavallotti Office Sell Side Advisory
- Cellini Residential Project Management
- Cordusio Mixed use Feasibility Study
- Corso Italia Office Sell Side Advisory
- Corso Vittorio Emanuele Office Sell Side Advisory
- Darwin Education Commercial Due Diligence
- Europa Office Sell Side Advisory
- Illica Office Sell Side Advisory
- Indipendenza Residential Project Management
- Innovazione Office Sell Side Advisory
- Leopardi Residential Project Management
- Lodi Residential Project Management
- Lorenzini Office Sell Side Advisory
- Mascagni Hospitality Development Management
- Melzi d’Eril Residential Project Management
- Mercadante Residential Project Management
- Milanofiori Office Sell Side Advisory
- Montello Residential Sell Side Advisory
- Paolo Sarpi / Canonica Residential Sell Side Advisory
- Poma Residential Project Management
- Porta Nuova Mixed use Commercial Due Diligence
- Principe Amedeo Office Sell Side Advisory
- Revere Residential Project Management
- Santa Giulia Mixed use Feasibility Study
- Scesa Residential Project Management
- Silva Residential Sell Side Advisory
- Solferino Office Commercial Due Diligence
- Stephenson PBSA Buy Side Advisory
- Zurigo Residential Sell Side Advisory
Monza e Brianza
- Arcore – Gilera Residential Development Management
- Monza – Appiani Retail Development Management
- Monza – Manara Mixed use Development Management
- Monza – Sgambati Residential Development Management
- Nova Milanese – Agnesi Industrial Project Management
- Sovico – Carducci Residential Development Management
Livorno
- Porta a Mare Mixed use Feasibility Study
Roma
- Antica Hospitality Buy Side Advisory
- Commercio Mixed use Feasibility Study
- dell’Agricoltura Office Sell Side Advisory
- Laurentina Office Sell Side Advisory
- Tolentino Office Sell Side Advisory
Capri
- Castello Hospitality Development Management
- Krupp Hospitality Development Management
- Torre Saracena Hospitality Development Management
Where we operate
Across various asset classes
Office
Logistics & Industrial
Hospitality
Residential
PBSA
Discuss your investment strategy with us
For institutional investors, funds and family offices seeking an aligned, independent partner across the full transaction lifecycle.