European real estate asset manager Primonial REIM has announced the acquisition of a majority stake in Quinta Capital Partners SGR, an asset management company based in Milan, active in promoting and managing alternative regulated investment funds in the real estate, credit and private equity sectors.
Under the deal, Quinta will be merged with Primonial REIM Italy S.p.A., Primonial's current asset management company operating in Italy.
For Primonial REIM, the transaction is in line with its strategy to further develop its pan-European real estate platform while for Quinta Capital, it reflects the firm's desire to expand and institutionalize the company founded in 2016 by Luca Turco.
Founder Luca Turco will maintain his position as CEO and Laurent Fléchet, the CEO of Primonial REIM, will continue to serve as a board member at Primonial REIM Italy SGR.
In the context of the transaction, Primonial REIM Italy SGR took over the management of three real estate funds and a SICAF already operating in Italy and previously managed by Primonial REIM through the license passport. Primonial REIM Italy SGR currently represents a total Asset under Management of over €1 bn across eight real estate funds.
Laurent Fléchet, Chairman & CEO of Primonial REIM, said: 'I am delighted with this transaction with Quinta Capital, which reinforces our footprint in Italy in various asset classes with an expanded local team that has in-depth knowledge of real estate and its specificities in Italian market. Through this deal, we are continuing to develop new investment opportunities for our investors while leveraging synergies between our local entities established in Italy, France, Germany, Luxembourg, the UK and Singapore.'
'We are extremely satisfied with the entry of an asset manager of international standing in the capital of the SGR,' added said Luca Turco, Chief Executive Officer of Primonial REIM Italy SGR.