IVG real estate
| IVG Immobilien GmbH
|
|
|---|---|
 |
|
| legal form | Corporation |
| founding | 2002 |
| Seat |
Bonn , Germany
|
| management |
|
| Number of employees | approx. 320 (September 2014) |
| sales | 438 million euros (2012) |
| Branch | property |
| Website | www.ivg.de |
The IVG Immobilien AG is a former publicly traded real estate company based in Bonn , which emerged from the government-owned industrial management company.
history
IVG was founded in 1916 as a collecting society for Montanindustrie GmbH (see also Montan scheme ).
In 1951 it changed its name to Industrieverwaltungsgesellschaft mbH . The Federal Republic of Germany was the partner. The stake was held by the Federal Ministry of Finance . In 1986 the company was converted into a stock corporation and partially privatized, and in 1993 it was fully privatized with a wide diversification on the stock exchange.
In 1996 IVG introduced a holding company model, renamed IVG Holding AG , thereby separating operational from strategic tasks. Since 1997 the company has concentrated more and more on office and commercial real estate in Europe and in 2002 - after the non-real estate-oriented divisions were sold - changed to IVG Immobilien AG.
In April 2004 IVG acquired 50.1 percent of Oppenheim Immobilien-Kapitalanlagegesellschaft mbH (OIK) and in 2005 33 caverns in the Federal Republic of Germany in Etzel near Wilhelmshaven ( Etzel cavern facility ). The shares in OIK were increased to 94 percent in 2006/2007, OIK was renamed IVG Institutional Funds GmbH and integrated into what was then the IVG Funds division.
In the spring of 2015, the company headquarters within Bonn moved from Bad Godesberg (Zanderstraße 5–7) to the former district building in Weststadt (Mozartstraße 4–10).
In September 2015, IVG Institutional Funds GmbH was renamed Triuva Kapitalverwaltungsgesellschaft mbH.
Business activity
The strategic core business of IVG Immobilien is the acquisition, management and sale of office properties in Germany. With its own portfolio worth around 3.5 billion euros, it is the largest owner of office properties in Germany. The operative business is geared towards the profitable management and needs-based optimization of the properties as well as active portfolio management and aims at the sustainable increase in value of the own real estate portfolio. In addition to this core business, IVG holds important investments that operate independently as an entrepreneur.
As the successor to the former Montan AG, IVG is also the owner of various properties that have been contaminated by old armaments. Based on a comparison with the state of Lower Saxony in April 2014, IVG is obliged to renovate these properties or to free them from contamination. To this end, IVG will provide 2 million euros per year for the investigation and rehabilitation over the next 15 years.
Holdings
Storag Etzel
The holding company Storag Etzel GmbH (until July 2016: IVG Caverns GmbH) focuses on the construction of caverns for the storage of crude oil and natural gas as well as their operation and rental. Tenants of the caverns are companies with good credit ratings in the energy sector and state oil storage organizations .
Triuva
The investment company Triuva Kapitalverwaltungsgesellschaft mbH (until September 2015: IVG Institutional Funds GmbH) was a provider and manager of structured real estate products for institutional investors with assets under management of around EUR 11 billion. Triuva sees itself as an integrated investment platform thanks to its European branch network and many years of expertise and, according to its own account, offers its investors all services relating to the structuring and management of real estate investment products. Triuva focuses mainly on commercial real estate in the office, retail and logistics sector in Europe. In 2017, Triuva was taken over by Patrizia Immobilien AG.
Management history
From 1995 to 2006 Eckart John von Freyend was CEO of IVG. After his contract expired, he switched to the company's Supervisory Board on July 1, 2006, to which he was a member until April 2010. Wolfhard Leichnitz became the successor to the post of CEO of IVG Immobilien. On September 30, 2008, he resigned from office for personal reasons. He will be succeeded by Gerhard Niesslein in the company's executive chair on November 1, 2008. After surprisingly not having extended his contract, which expired at the end of October 2011, he was succeeded by the previous CFO Wolfgang Schäfers as Management Board spokesman on November 1, 2011 March 2014 - which was already expected at the time - after he had promoted the restructuring of the company by initiating insolvency proceedings in self-administration and had played a key role in drawing up the insolvency plan . The restructuring expert Hans-Joachim Ziems, who had been a member of the Management Board for some time, took over his duties until the bankruptcy proceedings were lifted in September 2014. With effect from September 21, 2014, Ralf Jung took over as CEO of the company. At the same time, Hans-Joachim Ziems resigned from the board. On March 20, 2015, the company announced that Ralf Jung was leaving IVG by mutual consent. The reasons given were different views between him and core investors with regard to the future strategic direction.
Insolvency proceedings in 2013 and 2014
In summer 2013 the company fought against the impending bankruptcy . The market capitalization had fallen to around € 54 million. In particular, the major project The Squaire at Frankfurt Airport had led to the company's difficulties. An emergency loan from the creditors was supposed to save the company.
In August 2013, the group announced that 350 million euros should be written off. This resulted in a loss of more than half of the share capital. On August 11, 2013, major groups of creditors agreed on a restructuring concept and held out the prospect of bridge financing, which would initially have secured the existence of the company. However, the required approval of all stakeholders was not achieved, which made an out-of-court restructuring impossible. On August 21, 2013, at the request of the company's board of directors, the so-called protective shield procedure was initiated under the law to further facilitate the restructuring of companies . On November 1, 2013, the Bonn District Court granted the company's application to open proceedings in self-administration . As of August 2013, IVG had around 4.2 billion euros in debt and managed assets of more than 20 billion euros.
On March 20, 2014, the majority of those involved in the proceedings (creditors and shareholders) in the insolvency plan proceedings of IVG Immobilien AG approved the insolvency plan drawn up by the Management Board at the discussion and voting date set by the Bonn District Court as the competent insolvency court. It provided for the payment of an insolvency rate of at least 60 percent to unsubordinated, unsecured creditors. In addition, the company's capital was initially to be reduced to zero and then increased again as part of a so-called debt-to-equity swap. With this debt-to-equity swap, previous creditors of IVG Immobilien AG were to exchange some of their claims for shares to be newly issued in the company and thus become new owners. A subscription right of the existing shareholders for this capital increase was excluded. No regulation has been made for subordinate creditors. Immediately after the discussion and vote, the previous spokesman for the board, Wolfgang Schäfers, resigned with immediate effect. With a resolution dated June 13, 2014, the Bonn District Court confirmed the insolvency plan. Appeals against this decision were rejected by the Bonn Regional Court on July 11, 2014, so that the judicial confirmation of IVG Immobilien AG's insolvency plan became legally binding on July 15, 2014. The company was discharged by around 2.2 billion euros through the implementation of the measures provided for in the insolvency plan. The German Association for the Protection of Securities had lodged a complaint against the " expropriation " .
End of listing
With the implementation of the measures provided for in the insolvency plan - in particular the capital reduction to zero in connection with the debt-to-equity swap - IVG's listing on the stock exchange ended on August 14, 2014.
Web links
Individual evidence
- ↑ finanzen.net/dpa: restructuring of the real estate company IVG completed. Retrieved May 1, 2015 .
- ↑ IVG Immobilien AG: Annual Report 2012. (PDF; 4.3 MB) (No longer available online.) Formerly in the original ; accessed on March 27, 2013 . ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ IVG Immobilien takes over 50.1% of OIK , April 22, 2004
- ↑ Bonn IVG with new headquarters , General-Anzeiger , April 30, 2015
- ↑ IVG Institutional Funds will be called TRIUVA press release from TRIUVA Kapitalverwaltungsgesellschaft mbH dated September 22, 2015
- ↑ Environment Ministry and IVG conclude comparison press release no. 53/2014 of the Lower Saxony Ministry for the Environment, Energy and Climate Protection from April 29, 2014
- ↑ "The real estate company IVG stores over ten million cubic meters of crude oil in Etzel. The oil is located in 20 large salt caverns. According to the operator, it is one of the largest crude oil stores in Europe."
- ↑ litos. Retrieved on November 8, 2014. ( Memento of the original from January 3, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ IVG real estate group gets new boss . In: Handelsblatt , June 29, 2006.
- ↑ IVG chief Leichnitz goes . In: Handelsblatt , September 16, 2008
- ↑ Telekom manager for Leichnitz . In: Manager Magazin , October 29, 2008.
- ↑ IVG Immobilien: CFO Schäfers takes over from Niesslein . In: Handelsblatt , May 17, 2011.
- ↑ A fresh start at IVG . In: Handelsblatt , March 17, 2013.
- ↑ Boss leaves insolvent IVG . n-tv, March 17, 2014.
- ^ IVG: Ralf Jung new CEO ' . cash.online, September 22, 2014.
- ↑ IVG is getting a new boss again
- ↑ Helmut Bünder: Danger of collapse on the permanent construction site . faz.net, July 19, 2013.
- ↑ IVG real estate group applies for protection from creditors
- ^ Ad hoc announcement of March 20, 2014
- ^ N-TV, March 17, 2014
- ↑ http://www.goerg.de/de/aktuelles/pressemitteilungen/ivg_immobilien_ag_insolvenzplan_rechtskraftig_bestatigt.41432.html/
- ↑ Archive link ( Memento of the original from March 23, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
