German property group IC Immobilien Holding (IC Immobilien) is taking control of HIH Property Management as part of its long-term growth strategy.
In an initial phase, IC is taking a 51% stake in HPM while from 2023 onwards the group is expected to acquire the remaining shares.
‘For IC Immobilien Gruppe this partnership is an important step in its medium- and long-term growth strategy. HPM is the ideal partner for us. Together we intend to adapt and develop the best aspects of each company so as to bundle competencies and continuously enhance the quality of our services. The many years of expertise on the part of IC Immobilien, and in particular in the retail sector, and the pronounced fund management competence of HPM are just two examples of how the whole is greater than the sum of the parts,’ said Markus Reinert, the Chairman and CEO of IC Immobilien Holding.
’We are convinced that through this partnership we will be able to create an attractive future perspective for HIH Property Management. All the signs at IC Immobilien point to growth, and together the two companies can more successfully master the forthcoming challenges such as digitalisation and ESG,’ added Erik Marienfeldt, the managing director of HIH Real Estate.
The joint venture will initially operate on the market in an unchanged form under the HIH Property Management (HPM) brand. André Vollbach will remain the managing director of HPM. Following the closing Markus Reinert, will also become a managing director of the joint venture alongside his current tasks. Together IC Immobilien and HIH Property Management will then be represented nationwide with some 500 employees in Berlin, Chemnitz, Düsseldorf, Frankfurt, Hamburg, Cologne, Munich and Stuttgart, and will manage real estate assets of €23 bn.
