Italian asset managers finalise merger

Italian asset managers Investire Immobiliare SGR, Beni Stabili Gestioni SGR and Polaris Real Estate SGR said that they have finalised the integration of their businesses to create a €7 bn fund management company.

The three asset managers first announced in May that they had signed a letter of intent with a view to creating a new combine which will position itself 'as a market leader' in Italy.

As part of the operation, which has already been approved by the respective boards, Investire Immobiliare will take over Polaris and Beni Stabili Sgr.

The new combine is expected to be controlled by Investire's main shareholder Banca Finnat with Italian REIT Beni Stabili holding a 17.9% stake, while the Benettons - one of Italy's richest families and founder of the Benetton retail chain - have a 11.6% interest. Minority shareholders will include Fondazione Cariplo (8.6%), Cassa Italiana di Previdenza e Assistenza dei Geometri al (7.7%), ICCREA Holding (2.4%) and Fondazione Cassa dei Risparmi di Forlì (1.5%).

The deal has yet to be approved by the groups' shareholders.

The announcement comes just a few months after Beni Stabili dissolved its joint fund management platform with Germany's IVG Immobilien. The Italian company pulled out of the operation after its German partner incurred heavy losses and launched a strategic review of the business as part of plans to refinance its debt burden.

Beni Stabili Gestioni manages 13 investment funds with a total asset value of more than €1.5 bn.

The Benetton family and Banca Finnat Euroamerica Group have a controlling stake in Beni Stabili Property Service (BSPS), which specialises in property management and valuation as well as offering property advisory services.

Banca Finnat is also the Rome-based parent group of fund manager Investire Immobiliare Sgr, while Benetton's Regia bought a 20% equity interest in Investire in 2008. Investire manages over €4.5 bn of assets.