Deutsche Asset Management has teamed up with CDC Ixis to acquire New Real, the Italian property company owned by Enel, the utility conglomerate, as Deutsche continues to build its presence in the European property market.

DB Real Estate, an investment fund, and the capital markets division of CDC Ixis have signed an agreement to purchase a majority of shares in New Real for €1.4bn ($1.7bn). The consortium will acquire an Italian real estate portfolio incorporating 887 assets.