IVG Immobilien is increasing the 50.1% stake that it currently holds in Oppenheim Immobilien-Kapitalanlagegesellschaft mbH (OIK) to 94%. IVG will thus be acquiring 25% of Bankhaus Sal. Oppenheim in October. The increase to 94% will take place in January 2007. With a funds volume of around €10 billion, OIK is the market leader for real estate special funds in Germany.
"This step brings considerable advantages for investors and for both companies," said Dr. Wolfhard Leichnitz, Chairman of the Board of Directors of IVG Immobilien AG. IVG and OIK already manage over €17
billion in real estate investments for institutional and private investors and for the shareholders of IVG. This further interlocking between both companies will strengthen their position in the long-term. Leichnitz:
"This will have a positive impact on the search for suitable investment opportunities and leasing in particular. We and the management of OIK are both sure that this will enable us to cater for investors' needs more effectively in the future".
The almost complete acquisition of OIK is an important step towards positioning IVG as a leading real estate investment company in Europe. In future, OIK will be integrated into the funds business area at IVG, which
groups together IVG's expertise in managing funds for both institutional and private investors, as part of this strategy. OIK will be the contact for all institutional investors. The other business areas covered by IVG are portfolio management, project development and caverns.