IVG Immobilien has named Dutchman Michiel Jaski as CEO of its newly formed €3 bn office real estate company.
Jaski has been at the helm of listed companies for the last 15 years. Most recently he was CEO of Grontmij, an Amsterdam-listed planning and engineering business focussing on real estate and infrastructure from 2011 until the acquisition of the company by Swedish peer Sweco in June 2015.
'With the addition of Michiel Jaski, we are combining his superb management track record and his strong capital markets' experience with the excellent operational strength of our highly regarded team in the German office property market,' said Dietmar Binkowska, CEO of IVG Immobilien. 'He is an ideal complementary addition to the operational team managed by Oliver Priggemeyer.'
Aside from Grontmij, Jaski's experience includes 10 years as member of the executive board of Arcadis, a listed Netherlands-based, global provider of design and consultancy services. In his earlier career, Jaski worked for Shell and Philips in the Netherlands, Belgium and the UK.
Jaski joins the IVG Group on 9 May 2016. 'I am very much looking forward to joining Priggemeyer and his strong local team in positioning the newly formed company as a key player in the German office real estate sector,' Jaski said. 'I am confident that the high quality of the property portfolio across Germany's top six markets, the diversified tenant base and the extensive expertise of the team represent an excellent basis for future development.'
IVG Immobilien was the largest listed real estate investment company in Germany until it was forced to undergo an insolvency and restructuring process in 2013-2014. The group was delisted from the stock exchange and the decision was taken to focus on the core business of German office investment. The group's service provider for institutional real estate has rebranded as Triuva. Both Triuva and IVG Caverns, a specialist in subterranean oil and natural gas repositories, now operate independently.
The ongoing separation of IVG's strategic core portfolio comprising around 100 properties as a separate company is currently being handled by Priggemeyer in his role as chief operating officer at IVG Immobilien. This new company, with Jaski as CEO, will have its headquarters in IVG's own property at The Squaire at Frankfurt Airport.
The office property portfolio, which will form the basis for the company's future business activities, was valued at €3.2 bn at 31 December 2015 and covered a total rental area of around 1.4 million m2. The large majority of the properties are located in Germany's top six office markets.
