German listed real estate companies TAG Immobilien and Colonia Real Estate have approved the sale of the Polares asset management business in a management buy-out.
German listed real estate companies TAG Immobilien and Colonia Real Estate have approved the sale of the Polares asset management business in a management buy-out.
Polares, with EUR 4 bn of assets under management, was formed in the summer of 2011 from the merger of the former TAG Immobilien subsidiary Larus Asset Management and the former Colonia Real Estate subsidiary Colonia Real Estate Solutions.
The main focus of Polares' business is asset and property management for commercial real estate. The relinquishment of this division and the sale of 100% of the shares in Polares is another step in focusing TAG Group on the management of its existing residential real estate portfolio.
The parties have agreed not to disclose the purchase price. The contract negotiations are nearly final; once they have been concluded, the transaction is expected to close on 1 October 2012.
