The Bonn-based real estate specialist signs a joint venture deal with the consulting company Rodex, to focus more strongly on the office markets in Madrid and Barcelona.
IVG Immobilien AG is intensifying its involvement in Spain. For this purpose it is establishing a joint venture in Madrid. With the development of its European branch network, the Bonn-based real estate specialist is to focus more strongly on the office markets in Madrid and Barcelona. Luis LÃ³pez de Herrera-Oria is to be the managing partner of IVG Iberia.
LÃ³pez is the owner of the real estate consultancy company Rodex, which has a 20 percent stake in IVG Iberia. His previous positions include that of board member at Prima Inmobiliaria, Spanish estate company with more than 20 years experience in the property markets of the major Spanish cities.
The office markets in Madrid and Barcelona are developing in a positive fashion. In the second quarter of 2005, Cushman & Wakefield Healey & Baker (CWHB), the property company, sees declining vacancy rates and increasing average and top rent figures for Madrid and Barcelona. Returns in top locations are an indicator of market stability. At 5.0% and 5.25% respectively, these are at the same level as in London, Paris and Munich.
Source: Spanish Real Estate