As part of the restructuring of its property activities, the group Bankgesellschaft Berlin has put Immobilien-und Baumanagement der Bankgesellschaft Berlin (IBG), a subsidiary providing real estate services, into the newly established company, Immobilien und Beteiligungen (IBAG).
The shares are held by a partnership formed by Bankgesellschaft and unnamed other financial investors. Bankgesellschaft has been advised by investment bankers JP Morgan. Bankgesellschaft is planning a public listing of IBAG in the next few years. The company will develop its business and move into other European markets. This may also include taking in other strategic partners.
IBAG has been capitalised with more than €507.5m (DM1bn). IBAG will continue IBG’s role as market leader for closed-end funds in Germany. Other businesses of the group include project development, property management, project management and urban development. IBAG will be headed by Friedhelm Schaperjahn, who, until the end of last year, was head of IBG’s board and member of the board of Landesbank Berlin, and Christian Lauritzen, a property lawyer.
Deutsche Euroshop, a property company launched by Deutsche Grundbesitz Management, secured its stock exchange listing last month. The company holds a 70% interest in eight shopping centres in Germany, France and Italy. The share price was set at €38.40 (DM75) giving the company a market capitalisation of almost €600m (DM1.2bn). Earnings will be generated from long-term leases on 330,000m2 of space.
