IC Immobilien Group has acquired the German property management business of Colliers International Management. The acquisition took effect at the beginning of the year.
IC Immobilien Group has acquired the German property management business of Colliers International Management. The acquisition took effect at the beginning of the year.
The acquisition was structured as a share deal but no further financial details were disclosed.
Commenting on the sale, Achim Degen, managing partner of Colliers International in Munich, said the IC Immobilien Group was not only 'the perfect partner', but also a partner that it could trust to take over the advisor's German property management business.
'Our existing network of offices meant that we were not really in a position to offer a seamless service across the whole of Germany,' he said.
The takeover is in line with IC Immobilien's strategic expansion of one of its core business areas, property management, said Markus Reinert FRICS, Chairman and CEO of IC Immobilien Holding AG. 'We are committed to building upon our already strong market position in the commercial property sector,' he said.
With more than €10 bn of assets under management spread over 800 properties, the IC Immobilien Group claims to be one of Germany's leading independent full-service property and asset management companies with over 250 employees in seven offices. The IC Immobilien Group is represented in Frankfurt, Munich, Hamburg, Berlin, Düsseldorf, Stuttgart and Chemnitz.
Approximately 60% of the IC Immobilien Group's clients are foreign investors, including real estate owners from France, Spain, Great Britain, the United Arab Emirates and Canada.
