IVG closed a successful year

Budapest, 11th January 2011 – IVG Hungary Kft. has closed a successful year – the first one with a focus on asset management activity.

In the past 10 years it has been the company’s grade ’A’ office building developments that compelled admiration from the trade. However, year 2009 has brought about a change as to the company’s principal activity, when the Budapest branch of IVG received its first asset management assignment from IVG Funds, then shortly afterwards it was awarded a mandate by investment company HGA Capital (Germany) to manage their properties in Budapest. This way the portfolio managed by IVG Hungary Kft. (15 commercial properties with a lettable area near 120,000 m2) has made it a key actor on the Hungarian asset management market.

Following the changeover 2010 was the first year when IVG Hungary Kft. primarily focused on property management, and went on closing its financial year with a positive balance. In 2010 altogether 40 lease contracts were concluded by IVG’s associates, further increasing the lease-out rates of the buildings. The last few months of the year were especially stirring, during which lease contracts were concluded with numerous renowned multinational and domestic companies, such as ZF Services, is Industrial Services, Turck Hungary, Henkel Magyarország and Heraeus Kulzer.

IVG Immobilien AG is one of the major real estate companies in Europe. The company manages assets worth € 22 billion and is located with approx. 600 employees in 18 selected major German and European cities. Via its network of local branches, IVG manages inter alia on-balance properties with a market value of € 4.3 billion. In northern Germany IVG constructs and operates underground storage caverns for oil and gas. In the fund segment IVG is the leading provider of tailored property funds for institutional investors. In combination with the closed-end funds for private investors, IVG manages funds and mandates amounting to a total volume of € 15.3 billion.

IVG’s Asset Management division is located with 16 branches in 9 countries. The division is currently managing some 750 properties altogether at an international level, with a total lettable area of 6 million m² and a value of € 16 billion.