IVG places EuroSelect 16 with EUR 248m subscribed

The IVG Funds division of German listed IVG Immobilien has announced that it has fully placed its closed-end real estate fund EuroSelect 16 The Square.

IVG launched the EuroSelect series which invests in Luxemburg's office property market last July. Private investors subscribed a total of EUR 248 mln including the premium within six months to EuroSelect 16.

Georg Reul, board member in charge of funds business: 'Our placement success shows that private investors are very interested in investing in real estate in Europe, all the more so in financially difficult times.’

The Square is located in Kirchberg, an office district in Luxemburg City consisting of four independent office buildings which were constructed between 2002 and 2004. The property’s rentable space amounts to 54,000 m². Over 60% of the total rental area is occupied by Clearstream International, a wholly-owned subsidiary of Deutsche Börse and one of the world’s largest investment service providers. Some 28% of the rental space is rented jointly by the European Court of Justice and the European Court of Auditors, together comprising the second largest tenant.