Monaco Princely Pool/WireImage
July 25, 2015 08:45 AM

There’s one less bachelor prince in the world.

Pierre Casiraghi – currently 7th in line of Monaco’s succession – married Italian heiress Beatrice Borromeo on Saturday in Monaco, PEOPLE can confirm exclusively. The couple have known each other for seven years and began dating in May 2008 while attending Milan’s Bocconi University together.

The civil ceremony held in Monaco’s Pink Palace on Saturday was attended by Pierre’s uncle Prince Albert and the groom’s mother Princess Caroline. The groom’s brother Andrea Casiraghi and sister, Charlotte Casiraghi were also in attendance with Andrea’s wife Tatiana and Charlotte’s boyfriend Gad Emaleh. Members of the Borromeo family, who had earlier hosted a wedding breakfast at Monaco’s Fairmount Hotel were also present.

Following a brief civil marriage ceremony in the Salon des Glaces performed by the principality’s Justice Minister Philippe Narmino, Casiraghi, 27, and Borromeo, 29, joined over 500 celebrants in the palace gardensfor a carnival-likethemed garden party.

The couple, whose union weds two Italian noble families, will celebrate their wedding with a relatively intimate reception, PEOPLE has learned.

Deferring the annual Red Cross Ball, the groom’s mother will instead preside at a private dinner for the couple’s extended families at the luxurious Hotel de Paris. Among those expected: Princess Stephanie and her children Louis and Pauline Ducruet, Camille Gottlieb and Pierre’s cousin Jazmin Grace Grimaldi.

The newlyweds are expected to travel to Italy’s Lake Maggiore next week to prepare for their religious service next Saturday which will be held on one of the Borromeo family’s private island. Speculation in the Italian media suggests the ceremony will be held on either the Isola Bella or the smallest island in the Borromeo family’s archipelago, the Isolino di San Giovanni.

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