GERMANY - Real estate company IC Immobilien has acquired the property management arm of banking group Ellwanger & Geiger and both parties have entered into a strategic cooperation agreement.
As a result, Ellwanger & Geiger will make use of IC Immobilien's expanded property management business, while also providing its marketing and leasing expertise in return.
The acquisition will increase IC Immobilien's real estate assets under management from €10bn to €12bn.
Ellwanger & Geiger's Mario Caroli said the new agreement would be "beneficial to both companies". He added: "IC is incredibly competent when it comes to property management. Ellwanger & Geiger can now reliably draw on this competence in close partnership."
Oliver Priggemeyer, managing director at IC Immobilien, said: "Ellwanger & Geiger is a banking company with a high level of expertise in real estate. Its products and services are targeted at both private and institutional investors. We can now better support our customers by being able to capitalise on Ellwanger & Geiger's professional knowledge of marketing and communicating real estate."
Priggemeyer said the acquisition of Ellwanger & Geiger's property management business would allow IC Immobilien to consolidate its network in Germany, not just in the major cities but also in other regional centres.
IC Immobilien has also hired Martin Urban with responsibility for accounting, processes and IT.
Urban most recently served on the executive board of Nordaktienbank.
