The boards of Italy's Prisma and Zero have approved the merger of the two 'Sgr' real estate fund management firms by year-end.
The boards of Italy's Prisma and Zero have approved the merger of the two 'Sgr' real estate fund management firms by year-end.
The Bank of Italy has also given the green-light to the merger.
Prisma, a real estate investment and asset management group, was founded in July 2010 and is led by chairman Salvatore Catalano and CEO Alberto Carpani. It manages around EUR 2 bn of assets.
'Our long term growth strategy in the real estate sector foresees further acquisitions after the takeover of Zero Sgr with the aim to reach EUR 3 bn of assets under management by the end of 2013,' the company said in a statement.
The company, which has recently launched a pan-European investment fund in partnership with Invesco Real Estate, also said it is currently studying new fund launches dedicated to both institutional and private investors.
Zero was set up in 2006 by five well-known Italian property managers - Massimo Caputi, Alessandra Patera, Giulio Malfatto, Umberto Vitiello and Luca De Ambrosis. The company - which manages some EUR 800 mln of assets - was put up for sale earlier this year.
