US private equity group Carlyle has received the go-ahead from the Bank of Italy for the launch of an SGR real estate asset management unit, a Carlyle spokesperson told PropertyEU on Monday. The new subsidiary will be led by CEO Guido Audagna, currently managing director of Carlyle in Italy.

Carlyle Real Estate SGR will focus on the launch and management of new real estate investment funds targeting the Italian market and dedicated to institutional investors. 'The creation of an SGR vehicle is an important step for Carlyle, confirming the company's intention to further strengthen its presence in Italy, one of the main real estate markets in Europe for the group,' the company said in a statement.

Fabio Brunelli of law firm Di Tanno e Associati advised Carlyle Group on the process.

Carlyle is the latest US company to obtain the authorisation for the creation of new real estate investment funds in Italy. US developer Hines got approval in late 2009 and has since announced the launch of four property development funds boosting its assets under management to more than EUR 2 bn.