Queen Elizabeth II's granddaughter Princess Beatrice is engaged to marry property developer Edoardo Mapelli Mozzi, Buckingham Palace said in a statement on Thursday.

The couple "became engaged while away for the weekend in Italy earlier this month," the palace said in a statement, adding that the wedding will take place in 2020.

Beatrice is the daughter of Prince Andrew, who has recently been forced to defend himself over damaging accusations about his friendship with US financier and convicted sex offender Jeffrey Epstein.

Beatrice's sister Eugenie married a wealthy wine merchant, Jack Brooksbank, last year at a glitzy wedding at Windsor Castle that included a horse-drawn carriage parade.

The wedding bore strong similarities to that of Prince Harry and Meghan Markle earlier in the year.

Beatrice and Eugenie are ninth and 10th in the line of succession to the British throne.