Berlin, 27 November 2019 - Berlin-based Capital Bay GmbH took over the condominium management department of LBBW Immobilien Asset Management GmbH on 1 November. All eight employees at the Heilbronn, Leipzig and Dresden locations as well as management mandates for 3,800 residential units will be transferred to the newly founded CB Immobilien-Verwaltung GmbH.
George Salden, CEO of Capital BAY, says: "With the takeover and new foundation, we are one step closer to our goal of being able to offer a holistic value and service chain for property. We are very pleased that we have been able to take over all of the employees in the division - and thus also their many years of experience in condominium and special property management. At the same time, we are planning the further expansion of the subsidiary." CB Immobilienverwaltung is set to grow to 15 employees by the end of the year.
With the integration of the 3,800 units, most of which are located in the Leipzig, Dresden, Heilbronn and Stuttgart regions, CapitalBAY's assets under management will grow by around 700 million euros to a total of 5.2 billion euros.
"With this acquisition, we are consistently pursuing our growth strategy in the service segment and optimally supplementing our operational range of services in the area of residential property and special rental management. In addition, we are gaining two new important locations in Dresden and Heilbronn, thereby expanding our nationwide network in Germany to ten locations," says Oliver Müller, Managing Director of CB Immobilienverwaltung. George Salden and COO Rolf Schneider will act as further managing directors of the new company.