Clifford Chance
Clifford Chance advises IVG Immobilien AG on its preparations for launching a listed REIT
22 July 2012
Clifford Chance advises IVG Immobilien AG on its preparations for launching a listed REIT
Clifford Chance advised IVG Immobilien AG on its preparations for launching a listed Real Estate Investment Trust (REIT). IVG Immobilien AG applied for its subsidiary IVG Immobilien Management REIT-AG, a new German REIT, to be listed on the regulated market. The listing is scheduled for 24 July 2012 and is not associated with a public offering. At the time the REIT is listed, various IVG group companies will hold a total of 75% of the REIT shares, with the remaining 25% being held by a total of nine investors who purchased them from IVG Immobilien AG prior to listing.
The 32 properties currently making up IVG's REIT had a total market value of EUR 1.35 billion as of 31 March 2012, comprising total net floor space of 570,200 m² and generating an annualised contractual rent of EUR 73.8 million. The properties are located in the major German metropolitan areas of Berlin, Düsseldorf, Frankfurt, Hamburg and Munich.
IVG Immobilien AG is one of the largest real estate and infrastructure companies in Europe. It has 19 offices, employs around 600 people and manages assets totalling EUR 21.5 billion.
The Clifford Chance team comprised partners Markus Pfüller (Banking & Capital Markets, Frankfurt) and Dr. Thomas Stohlmeier (Corporate, Düsseldorf), counsel Christian Wöckener-Erten and senior associate Dr. Axel Wittmann (both Banking & Capital Markets, Frankfurt), counsel Dr. Christian Vogel and associate Dr. Philipp Heer (both Corporate, Düsseldorf) and partners Gerhard Dreyer and Thorsten Sauerhering and associates Dr. Dominik Engl and Elisabeth Modzel (all Tax, Frankfurt).
