Italian fund manager Idea Fimit has signed an agreement to acquire smaller peer Duemme's eight property funds representing 60 buildings with a value of around EUR 560 mln.
Italian fund manager Idea Fimit has signed an agreement to acquire smaller peer Duemme's eight property funds representing 60 buildings with a value of around EUR 560 mln.
Duemme sgr is an asset management unit of Gruppo Banca Esperia, which is controlled by Mediobanca and Mediolanum. Financial details were not disclosed.
'Idea Fimit confirms its leadership in Italy,' the company said on Friday. The acquisition brings the group's total assets to over EUR 10 bn, managed through 31 property funds.
The acquisition is the latest in a string of M&A operations signed between Italian fund managers to consolidate their position in the market. Earlier in June, Beni Stabili Gestioni Sgr, the fund management arm of listed group Beni Stabili, said it is forming a joint venture with peer Ream Sgr for the creation, promotion and management of new property funds in Italy.
Last month Henderson Global Investors joined forces with Investire Immobiliare to develop and distribute property funds in Italy while in late April, Italian investment and fund manager Castello acquired RREEF's Italian property fund business, RREEF Fondimmobiliari, adding nearly EUR 500 mln to its assets under management.
