Two Bermuda real estate firms are to merge to form a new property company.

The Property Group Ltd. and Cooper Associates will join forces on May 1, combining two local firms and incorporating Sothebys International Realty -- the new firm will be called The Property Group.

And for members of The Property Group Ltd. it will be their second merger in two years.

In February 1996, three small Bermuda real estate companies joined together to form that original firm -- absorbing Darling and Dapena Realty, Geoffrey Bird and Company, and John Trimingham Real Estate.

Of the new move, Cris Valdes-Dapena of the Property Group Ltd. said: "We are excited by the synergy that will be created by combining the strengths of two prestigious local firms and the worldwide reputation of Sotheby's International Realty.'' There will be no job losses and the new company will be based on Pitt's Bay Road.

She said the merger would give them a staff of around 17 people, but added that they would still maintain their `small' image.

"We are all excited about the merger,'' she said. "We have been among the top performers in the upper portion of the real estate market since our previous merger.

"We have been working with Cooper Associates on a number of large projects over the last two years, it was our belief that it would be strategic to pool our resources.'' The 1996 merger brought together three companies with different specialities in the real estate market -- condominiums, holiday rentals and residential sales.

Together they had over ten staff and over 70 years of experience in the business.

Cooper Associates is the Sothebys representative on Bermuda and in 1997 was selected to join a prestigious worldwide property club -- whose members have the cream of the world's homes for sale.

The Estates Club is based in Beverly Hills, California and gave Cooper Associates a valuable link in to a worldwide network of the top real estate companies.

BUSINESS BUC