IVG Immobilien AG is taking over Austria-based HYPO REAL INVEST AG (HRI).
Vienna-domiciled HRI specializes in managing real estate funds for institutional investors and focuses on Central and Eastern Europe. HRI was founded in 2008. In 2009, its Luxembourg subsidiary launched the 'HRI Immobilienfonds Nr. 1' real estate fund, which HRI manages as a 'Fonds Commun de Placement' (FCP).
The fund currently has assets of 160 million and is aiming for a target volume of around 300 million.
With this takeover, IVG is further expanding its product platform for institutional investors as well as increasing its asset management expertise in Central and Eastern Europe. The region is one of IVG's core real estate markets. The company has branch offices for asset management in Warsaw and Budapest. The parties have agreed not to disclose the purchase price.