Pirelli RE and Merrill Lynch International, via its Global Principal Investments business unit, which already has around €1.5 billion of capital invested in European real estate and related assets, have signed a binding agreement to set up a joint venture- with Merrill Lynch and Pirelli RE respectively contributing 65% and 35% of the equity capital - in order to invest in Italian resorts and hotels up to a maximum of €1.5 billion euro in 5 years