LG completes two off market deals for new client IVG
18 November 2008
LG, the business law firm, has completed two deals for new client IVG Institutional Funds GmbH (IVG), a division of IVG Immobilien AG, one of Europe's leading property companies.
The deals, both completed within the past two weeks include: the purchase of an office investment at 1 Georges Square, Bristol let to law firm Clarke Willmott for circa £22 million and the purchase of an office investment at 2 Brindleyplace, Birmingham, let to Lloyds TSB for £30.5 million.
Through its pan European branch network, IVG currently manages property assets with a total value of circa 20 billion euros. The IVG Fund develops, sells and manages fund products for both private and institutional investors with total assets under management of more than 14 billion euros. Its principal investment focus is on office properties in major European cities but also increasingly in non-European markets such as Asia and the USA.
The LG team advising IVG was led by real estate partner Michael Duffy assisted by Alan Harrison.
Jon Lloyd, co-head of the LG Real Estate team, said: "IVG is the market leader in Germany as a distributor of property funds for institutional investors and is also the leading German fund initiator for closed-end property funds for private investors. We look forward to working with them on many challenging and innovative deals."
Jeremy Joiner of Trowers & Hamlins acted for the seller of three Bank Of Ireland Private Banking nominee Companies, in respect of the sale of 2 Brindleyplace Birmingham.
Notes to editors:
- LG is a firm of business lawyers advising clients around the world. It provides high quality practical and commercial advice at all stages of the process of creating and dealing with real estate assets in the UK and internationally.
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Jon Lloyd
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Rabinder Chaggar
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