Caisse appoints IC to manage German portfolio

IC Immobilien Service, an IC Real Estate Group company, has been appointed as property manager of a portfolio of commercial properties owned by SITQ, a subsidiary of Caisse de depot et placement du Quebec (Caisse).

IC Immobilien Service, an IC Real Estate Group company, has been appointed as property manager of a portfolio of commercial properties owned by SITQ, a subsidiary of Caisse de depot et placement du Quebec (Caisse).

The portfolio acquired from DB Real Estate, brings together four commercial properties in Munich, Dusseldorf, and Frankfurt, with a total floor space of 182,000 m2. The properties are let to companies such as Glaxo Smith Kline, BBDO, Yahoo, Deutsche Bank, and Techdata. In parallel, Cadim, also a member of the Caisse's Real Estate Group, has expanded its stakes in IC Immobilien Holding 20%.

'We are happy to see,' said Dr. Oscar Kienzle, ceo of IC, 'that our long-term contact with the Caisse has led to a close cooperation. The IC Real Estate Group now manages investment assets of more than EUR 5 bn, we even have good fundamentals to anticipate further growth'.

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