A2X
From acquisition to exit

Development and special situations in European private real estate.

We build, and we take on ownership structures that have run past their plan. One team acquires, repairs, manages and exits, with our own money in every deal.

Talk to us Our record
Practice

Two disciplines, one team.

01

Special situations

Assets held in structures that have outlived their original plan: a stalled scheme, a broken capital stack, a lender out of patience. We take them over and see them through.

  • RecapitaliseReset the capital stack to a value a buyer will stand behind, fund the way forward, and repair the lender's position in the same move.
  • ManageWe run what we own. Leasing, capital works, planning, the day to day of a building.
  • ExitEvery asset is bought with a route out already drawn, and we stay in alongside the capital that stays in.
02

Development

We know what it takes to finish a building, because we have done it. That is what makes a stalled or mispriced asset worth taking on.

  • AcquireUnderwrite the site, the planning route and the finance, and buy at a price that works on today's numbers.
  • BuildDesign team, contractor procurement and delivery through practical completion.
  • LetLease up, stabilise and refinance, or sell. Office to residential, mixed use and refurbishment.
Delivered by A2X
Oak sideboard against a blue-grey wall in one of the apartments
Kitchen with deep green cabinets and timber floor
Wine and small plates at Little Cellars

Camberwell Lofts

Scheme
Conversion and refurbishment
Today
5 apartments and a wine bar
Completed
2024

A mixed-use conversion and refurbishment at 73 & 75 Camberwell Church Street, South London, comprising five apartments and Little Cellars, a neighbourhood wine bar.

A2X led it end to end: acquisition, development finance, design, construction, lettings and the refinancing of the completed building, which we continue to own and manage.

See the building ↗
Experience

Built, restructured and financed before A2X.

€1.5bn+

Non-performing real estate loans assessed at a distressed debt platform across Dublin, Madrid and Lisbon, with over €500m of third-party funding commitments secured.

European Asset Resolution Partners · Wilhelm
3,000+ homes

Long-term residential programme in Dublin with the Abu Dhabi Investment Authority, plus the winning bid for a mixed-use scheme of 350 apartments, a hotel and offices.

Chartered Land · Wilhelm
68 King William St

Mixed-use redevelopment in the City of London, in joint venture with Ares Management. Capital structuring, debt, leasing and delivery.

Black Mountain Partners · Wilhelm
€1bn+

Sales, joint ventures and capital raises across European multifamily, student and senior living, from Copenhagen and Warsaw to Milan and London.

Savills Capital Markets · Aurelio
$400m

Core Plus fund in Australia, from launch through acquisitions, asset management and divestment of six of its seven assets.

EG Funds Management · Aurelio

Transactions in this section were carried out at the firms named, as part of their teams, before A2X.

Discipline

We act as principals.

A2X invests its own money in every transaction it manages. That shapes how we underwrite.

  1. Debt is sized against what an asset is worth today.
  2. Exits are underwritten at today's yields. Anything better is upside.
  3. Prices we pay, and prices we pay ourselves, are disclosed to the people whose capital is in the deal.
  4. One team acquires, manages and exits. The person who bought it is the person who runs it.
Sectors
Residential
Mixed use
Logistics
Jurisdictions
United Kingdom
Switzerland
Offices
London
Geneva
People

The people who buy it run it.

Wilhelm Dahl
Founder & Managing Director
Wilhelm Dahl

Wilhelm has 13 years in real estate investment and development, after three years in oil trading risk at Glencore. He helped set up European Asset Resolution Partners, a distressed debt platform that reviewed over €1.5bn of non-performing loans, then worked on developments for ADIA at Chartered Land and on 68 King William Street with Ares at Black Mountain Partners. He founded A2X in 2020 and led Camberwell Lofts, a mixed-use conversion and refurbishment of five apartments and a wine bar. He holds an MEng in Civil Engineering from Imperial College London.

wilhelm.dahl@a2xre.com
Aurelio Di Napoli
Co-founder
Aurelio Di Napoli

Aurelio has over 20 years in real estate capital markets across Europe, the UK and Australia. He was a Director in Savills' European Operational Capital Markets team, advising on sales, joint ventures and capital raises in multifamily, student and senior living, and before that ran acquisitions and asset management at EG Funds Management in Sydney. He is a Partner and Head of Real Estate at Spearvest, a Geneva multi-family office. He holds a Masters in Property Development from UTS Sydney and is a registered valuer in Australia.

aurelio.dinapoli@a2xre.com
Contact

Talk to us.

We are glad to hear from owners, lenders, managers and advisers with a situation that needs solving, and from anyone with a building that needs finishing.

wilhelm.dahl@a2xre.com aurelio.dinapoli@a2xre.com