IVG, IFM announce new leasings in the Netherlands, Germany

German property group IVG Immobilien said on Wednesday that its IVG Institutional Funds has concluded three major letting agreements in the Netherlands. The firm has leased the former Orly Plaza building in Amsterdam to Holiday Inn with a term of 25 years. The property, which was recently converted into a hotel, offers around 8,200 m² of leasable area.

Near the medical faculty in Amsterdam, the company has let an office building with a rental area of 2,000 m² to a service provider in the sport and recreation sector for an initial term of 10 years. The third transaction is the extension of a letting agreement in Houten, 50 km from Amsterdam in the vicinity of Utrecht. The user, an American pharmaceuticals company, has prolongated the letting on the 2,300 m² of office space for a further five years.

Additionally, IVG Institutional Funds said it was able to extend a rental agreement for 7,300 m² of office space in Milan's Bicocca commercial district for a further five years. The property is leased to Equitalia Esatri, a public tax collection company.

Separately, German investor and developer IFM Immobilien said on Wednesday that it has signed a 10-year leasing agreement with Deutsche Telekom for 3,850 m² of commercial space in the GutenbergPark property in Mainz, Germany. The company will move to the new space at the beginning of December 2010. Since acquiring GutenbergPark in late 2006, IFM has been able to increase the occupancy rate from about 15% to 80%.