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IC Real Estate merger to create EUR 10b platform
Date: 15 September 2010
Category: Market Watch
Munich-based IC Real Estate Group has merged with PropertyOne, the asset and property manager with an international clientele. The company is in charge of a commercial property portfolio located throughout Germany which is jointly owned by Cerberus. The financial basis of the merger is an in-kind investment in return for an increase in capital. As a result, PropertyOne's shareholders will receive a 7% stake in IC Immobilien Holding.
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