IVG Immobilien AG has acquired an interest of 50% in eleven office properties in Italy within a joint venture with the listed Italian real estate company Aedes S.p.A. The market value of the total of 86,000 m² of rental space is €240 mln.
Eight properties are located in Milan, and one property is located in each of the cities of Rome, Bologna and Florence. The properties offer appreciation potential through an improvement in the tenant structure and adjustment of rents to the market level. Aedes and IVG will restructure the real estate portfolio in 2006 and turn it into an Italian office real estate fund for institutional investors.
The investment emphasises the Bonn-based company's ability to implement complex international real estate transactions. "The acquisition enables us to access the rapidly growing Italian real estate funds market", remarked Georg Reul, Deputy Member of the Board of Management at IVG and responsible for the funds business.