Vivacon buys major real estate manager in Germany

German-listed residential property company Vivacon has acquired 80% of Curanis Holding, one of the largest real estate managers in Germany. Curanis is based in Munster, Lower Saxony and services more than 53,000 residential and commercial units in more than 250 locations. The market value of the properties under management amounts to approximately EUR 4 bn. The financial details of the acquisition were not disclosed.

Vivacon said Curanis initially focused on the residential sector, but has been increasing its activity in the commercial sector in recent years. Vivacon intends to expand its activities through the integration of property management functions and it will work with Curanis to grow the number of units under management to more than 100,000 residential and commercial units in the medium-term. Curanis will continue to operate independently.

In a statement, Vivacon said the acquisition of Curanis will enable Vivacon to offer all relevant residential real estate services for institutional investors in a 'one-stop shopping' approach.

Vivacon announced in December that it had sold more than 12,400 residential units in 2007, leaving it with a portfolio of 5,400 homes. The company expected to realise a net income of EUR 54-58 mln for 2007, compared with net income of EUR 45.9 mln a year earlier.