Munich-based IC Real Estate Group has merged with PropertyOne, the asset and property manager with an international clientele. The company is in charge of a commercial property portfolio located throughout Germany which is jointly owned by Cerberus. The financial basis of the merger is an in-kind investment in return for an increase in capital. As a result, PropertyOne's shareholders will receive a 7% stake in IC Immobilien Holding.
Munich-based IC Real Estate Group has merged with PropertyOne, the asset and property manager with an international clientele. The company is in charge of a commercial property portfolio located throughout Germany which is jointly owned by Cerberus. The financial basis of the merger is an in-kind investment in return for an increase in capital. As a result, PropertyOne's shareholders will receive a 7% stake in IC Immobilien Holding.
By the end of 2011, managed investment volume is forecast to grow from EUR 5 bn to around EUR 10 bn. Together with PropertyOne, IC manages assets worth around EUR 7.8 bn.
The company will operate under the name IC PropertyOne Asset und Real Estate Management; and together with its affiliate, IC Immobilien Service, is expected to become a serious competitor in the German asset and property management sector, the two partners said.
IC Real Estate Group focuses on real estate services for German and international institutional investors. It manages funds on its own behalf and for third-parties. The IC Real Estate Group has more than 20,000 private and institutional investors.
