Hamburg-based HSH Real Estate has announced the acquisition of 33.3% of LB Immo Invest from property company Real I.S., raising its stake in the capital investment company to two-thirds. According to Marc Weinstock, CEO of HSH Real Estate, the company eventually intends to acquire 100% of LB Immo Invest and to increase its assets under management to EUR 10bn by 2010. The company's recent international expansion has included projects in Australia, Russia and Turkey, as well as the opening of a local branch in Helsinki.
Hamburg-based HSH Real Estate has announced the acquisition of 33.3% of LB Immo Invest from property company Real I.S., raising its stake in the capital investment company to two-thirds. According to Marc Weinstock, CEO of HSH Real Estate, the company eventually intends to acquire 100% of LB Immo Invest and to increase its assets under management to EUR 10bn by 2010. The company's recent international expansion has included projects in Australia, Russia and Turkey, as well as the opening of a local branch in Helsinki.
LB Immo Invest has a current fund volume of EUR 950mln and ranks seventh among capital investment companies in Germany as of the end of 2007. According to LB Immo Invest's managing director, Hans-Dieter Martin, the HSH stake will further the company’s plans to be among the top three capital investment companies for special real estate investment funds within the next three years.
Marc Weinstock, CEO of HSH Real Estate, commented: 'The earnings and development opportunities of special real estate investment funds for institutional investors provide great potential. The increased stake in LB Immo Invest marks a continuation of the course we have been pursuing. With the changed shareholder structure we expect more rapid growth in our special real estate investment funds business.'
