The London office of IVG Immobilien AG will invest approximately € 300 million in different office projects in the British capital. Until 2006, the € 65 million ‘Caxton hall’-office tower with 5,200 m² of rentable surface will rise in the business district Victoria. Furthermore, IVG is planning the reconstruction and extension of the former company headquarters of the Lloyds bank at 71, Lombard Street by the end of 2007. In this 15,500 m² office area IVG will invest € 135 million.
Apart from these two developments, the company acquired the office building 1 Neathouse Place (9,200 m² of rentable surface) in West End for € 100 million for one of its real estate funds.
According to David Gibson, Managing Director of IVG London, there is a clear revival in the office real estate market in London after two weak years. The inquiries and rents have raised while the area offer is limited. This is the reason why IVG invests in the London real estate market. The actual investment activities correspond exactly with IVG’s strategy to observe and to use the cyclic developments of the market.
Source: Immobilienmanager
