IVG sells TRIUVA to PATRIZIA
Bonn / Frankfurt, 11/12/2017
- PATRIZIA acquires shares currently held by IVG
- Purchase price reflects fair value of TRIUVA adequately
- IVG achieves next milestone in securing the future of its business activities
Bonn/Frankfurt, 12 November 2017 – IVG Immobilien AG is selling its subsidiary TRIUVA Kapitalverwaltungsgesellschaft mbH to Patrizia Immobilien AG. After brief and intensive negotiations, the contractual agreements for the sale were signed today. Shares in TRIUVA currently held by IVG will be transferred to Patrizia. The parties agreed to maintain confidentiality with regard to details of the transaction, including the purchase price which, however, reflects the fair value of TRIUVA adequately.
“TRIUVA has always sucessfully pursued an international growth strategy.. IVG as the parent company always had the ambition to support this strategy by providing favorable conditions as we possibly could”, explained Dietmar P. Binkowska, CEO of IVG Immobilien AG, after the contract signing. “It is our firm conviction that TRIUVA gains the best possible partner with PATRIZIA in order to create further growth also on an international level and to further accelerate the development of its funds business.”, Binkowska continued.
TRIUVA is a leading provider and manager of structured real estate products for institutional investors in Germany with assets under management of around EUR 9.8 billion currently. More than 200 employees at 15 locations throughout Europe serve more than 80 institutional investors and manage about 270 properties, subdivided into approximately 40 funds. TRIUVA is organísed as an integrated investment platform provides all services for the structuring and management of real estate investment products to its investors. The company’s focus is on commercial properties in the office, retail and logistics sector in Europe.
In May 2017, IVG started a structured sales process for TRIUVA. Initially, more than 60 domestic and international potential bidders expressed their interest in TRIUVA. In course of a comprehensive bidding process PATRIZIA turned out to be the best strategic fit and preferred acquirer.
With the sale of TRIUVA to PATRIZIA, IVG’s management achieves another milestone in the realignment of the group’s business activities after the successful finilization of the insolvency proceedings in autumn 2014. Back in November 2017, with the sale of OFFICEFIRST, the group’s real estate business, to the Blackstone Group, IVG’s management already achieved its goal to get the former strategic core business ready for the capital market.
About IVG Immobilien AG
IVG Immobilien AG is a financial holding which focuses mainly on the exercise of shareholder rights ensuing from equity interests. Beside on-balance sheet holdings of real estate in Germany, Belgium and Finland, IVG as sole shareholder or general partner holds two companies which are corporate entities in their own right and which operate independently of each other:
- TRIUVA Kapitalverwaltungsgesellschaft mbH is a leading provider and manager of structured real estate products for institutional investors in Germany with assets under management of some €9.8 billion.
- STORAG ETZEL GmbH is a company in the energy logistics sector which operates more than 70 underground storage reservoirs for energy sources such as oil and gas at its Etzel site in East Friesland, and is the only independent provider of underground storage reservoirs in Germany.
Media contact IVG Immobilien AG
T: +49 (0) 228 – 844 133
M: +49 (0) 151 1500 2829