Beni Stabili signs letter of intent to merge with two real estate funds

MILAN Mon May 12, 2014 1:27pm EDT

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MILAN (Reuters) - Italy's Beni Stabili (BNSI.MI) and two other real estate management funds said on Monday they had signed a letter of intent aimed at merging their businesses.

In a statement, Beni Stabili, Investire Immobiliare and Polaris Real Estate said completion of the deal would create a new leader in the sector with around 7 billion euros ($9.6 billion) of assets under management.

After the merger the new company will be 50.2 percent owned by Banca Finnat, the companies said.

(Reporting by Stephen Jewkes, editing by Isla Binnie)