German real estate manager IVG has taken a 50.1% majority stake in Oppenheim Immobilien-Kapitalanlagegesellschaft (OIK), the market leader in Germany’s special real estate funds market.
The purchase of the stake in OIK, pushes IVG into the top ten of European real estate managers with some e15.7bn in assets under management.
OIK manages e8.3bn in real estate funds and IVG says the investment reflects its belief in future growth
in the German special real estate
funds market.
Eckart John von Freyend, chairman of the management board of IVG, comments: "A longstanding reputation is decisive to gain access to well-known institutional investors. With the purchase of the OIK participation we decided in favour of external growth and thus a rapid market launch."
IVG believes its experience in
the purchase, development and
sale of real estate will compliment OIK’s expertise in the acquisition of equity in insurance companies,
pension funds and other institutional investors.
It also says complementary branch networks will lead to improved market penetration in the key European markets of London, Brussels and Paris and to a widening of access in Spain, Portugal and the Netherlands.