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Immobilien says it will buy two property portfolios for euro879 million

Immobilien says it will buy two property portfolios for euro879 million

German real estate investment company IVG Immobilien AG said Wednesday it will buy two European office real-estate portfolios for euro879 million (US$1.18 billion) to boost its holdings.
IVG will buy 25 properties in Germany from an open-ended real estate fund belonging to WestInvest Gesellschaft fuer Investmentfonds mbH for euro505 million (US$642 million). The properties are concentrated mainly in Munich, Hamburg and Dusseldorf.
The company will also buy six properties in London, Paris, Hamburg and Dusseldorf for euro374 million (US$475.9 million) from the open-ended real estate fund CS EUROREAL of Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH.
The portfolios comprise 31 properties with a total rental space of 279,000 square meters (3,003156 square feet).
"Our strategy is to further expand our own portfolio through strategic investments in Europe and particularly in Germany," said Chairman Wolfhard Leichnitz.


Updated : 2021-10-24 05:49 GMT+08:00