Real estate investor Capital Bay has expanded its services business with the acquisition of a facility management firm from LBBW Immobilien Asset Management.
The Berlin-based company said all eight employees of the acquired business, as well as management mandates for 3,800 residential units will be transferred to CB Immobilienverwaltung, a newly created subsidiary.
With the integration of the 3,800 units, most of which are located in the Leipzig, Dresden, Heilbronn and Stuttgart regions, CapitalBAY’s assets under management will grow by around €700m to a total of €5.2bn.
George Salden, CEO of Capital BAY, said with the takeover and foundation of a new subsidiary, the company is one step closer to its goal of being able to offer an integrated value and service chain in real estate.
“We are very pleased that we were able to take over all the employees of the unit – and thus also their many years of experience in the management of freehold apartments and special properties.
”At the same time, we are planning the further expansion of the subsidiary.”
Oliver Müller, managing director of CB Immobilienverwaltung, said: “With this acquisition, we are pursuing our growth strategy in the service segment by supplementing our operational range of management services for freehold apartments and special rental properties.
“With Dresden and Heilbronn we are additionally gaining two new important offices and thus expanding our nationwide network in Germany to ten locations.”