Bonn-based IVG Immobilien will take over Vienna-based Hypo Real Invest, a real estate fund manger for institutional investors, for an undisclosed sum, it announced on Tuesday.

Bonn-based IVG Immobilien will take over Vienna-based Hypo Real Invest, a real estate fund manger for institutional investors, for an undisclosed sum, it announced on Tuesday.

Hypo Real Invest has focused on Central and Eastern Europe since it was founded in 2008. Its Luxembourg subsidiary launched its HRI Immobilienfonds Nr. 1 in 2009, which currently has EUR160 mln in assets under management. Managing director Andreas Rosenberger said earlier this year that the target volume is EUR300 mln.

The takeover will enable IVG Immobilien to expand its investment platform in the region, which it already counts as one of its core markets. IVG Immobilien is one of Germany’s most prominent real estate companies, with around EUR22 bn of assets under management.