EUROPE - German property group IVG Immobilien has applied for a listing for a German real estate investment trust (REIT) on the Munich Stock Exchange, saying the move will expand its indirect property investment range.
The REIT - IVG Immobilien Management REIT - is set to start trading on the exchange on 24 July.
There is no public offer involved, since companies within the IVG group will hold 75% of shares in the IVG-REIT at the listing date, with the remaining 25% divided between nine investors that acquired their shares from IVG before the listing.
The REIT has been registered as a 'pre-REIT' since August 2007.
IVG executive Guido Piñol has been appointed chairman of the REIT, with David Canals and Jonas Kriebel - also at IVG - becoming members of the trust's board of management.
Wolfgang Schäfers will be chairman of the supervisory board, with Hans Volkert Volckens acting as deputy chairman.
At the end of March, the IVG-REIT's 32 properties had a market value of €1.35bn and total usable floor space of 570,200 square meters, generating annual contracted rent of €73.8m, IVG said.
The properties are located in Berlin, Dusseldorf, Frankfurt, Hamburg and Munich.
The Allianz insurance group is the largest tenant in the REIT portfolio, accounting for around 60% of annual rent.
IVG said no acquisitions were currently planned for the trust's portfolio.