US asset management giant has agreed to acquire a 35% stake in the Italian asset management firm Kryalos Sgr for an undisclosed amount.
Blackstone is entering in the company's capital as financial partner with no voting rights in the management board.
Founded in 2013 by Prelios' former CEO Paolo Bottelli, Kryalos Sgr currently manages 34 real estate funds for institutional investors with a total of €5 bn of assets under management.
The firm carried out roughly €1.2 bn of deals on behalf of 10 clients in 2018. Kryalos has long managed the bulk of Blackstone's assets in Italy.
The operation is in line with the Italian firm's plan to expand and institutionalise the business. Paolo Bottelli will remain in charge as CEO following closing of the deal.
