IVG Private Funds has created a closed-end fund for the European headquarters of Hermes Logistics Group in the fund manager's first structured private placement. IVG has retained a long-term minority interest in the building and will be responsible for the commercial management of the property and asset management. The financial details were not disclosed.

The five-storey building located in Hamburg is let on a long term lease with Hermes. It comprises 8,800 m2 of office space, 585 m2 of storage space, a terrace of 460 m2 and 356 parking spaces. The building was developed by IVG and completed in spring 2010. The Hermes Logistics Group has been at this location since 1998 and also rents the neighbouring building.

As a part of the IVG Funds division, the Private Funds segment focuses on designing, selling and managing property funds for private investors. Private Funds offers private investors on the market for closed-end property funds investments in individual properties and real estate portfolios in Europe with the EuroSelect fund. At end-December 2010, IVG Private Funds managed 33 funds and around 60,000 investors.