Primonial REIM and Quinta Capital Partners S.r.l. finalised the closing of a structured transaction which provides for the entry of Primonial REIM into the share capital of Quinta Capital SGR S.p.A.
The transaction contemplates the merger by incorporation within the SGR of Primonial REIM Italy S.p.A., the current asset management company operating in Italy of Primonial REIM. The transaction, approved by the Bank of Italy in August 2023, fully reflects the strategies of the involved parties: for Primonial REIM, the pursuit of the development of its pan-European real estate platform through the strengthening of its Italian activities aimed notably at achieving a more efficient industrial management; for Quinta Capital, the start of an expansion path and institutionalization of the company founded in 2016 by Luca Turco. As a result of the transaction, Quinta Capital SGR S.p.A will be renamed in “Primonial REIM Italy SGR S.p.A.”.
The governance structure at Primonial REIM Italy SGR consists of Luca Turco maintaining his position as CEO and Laurent Flechet, the CEO of Primonial REIM, continuing 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 licence passport.
Laurent Flechet, Chairman & CEO of Primonial REIM, stated “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" - said Luca Turco, Chief Executive Officer of Primonial REIM Italy SGR - "and with the opportunities that will arise from being part of Primonial REIM platform. This transaction, with a high industrial value, bears witness to the reputation and reliability of Quinta on the market and will give us the opportunity to face a further growth path."
Primonial REIM has been assisted by DLA Piper, Studio Legale Tributario Associato for legal and tax aspects, CBA Studio Legale e Tributario for regulatory matters, CMS for labor law matters and by KPMG for accounting and financial aspects, while Quinta has been assisted by Alma Societa tra Avvocati for the legal and regulatory aspects and by BDO Advisory Services for the accounting and financial aspects.
