as fwb ivg industry real estate founded 2002 headquarters bonn germany key people ralf jung ceo dietmar binkowska chairman of the supervisory board products investment in and development of commercial property and underground hydrocarbon storage caverns operating income 256.2 million 2010 1 profit 8.8 million 2010 1 total assets 7.292 billion end 2010 1 total equity 1.286 billion end 2010 1 number of employees 551 fte end 2012 website www.ivg.de ivg immobilien formerly known as industrieverwaltungsgesellschaft mbh is a german real estate company headquartered in bonn germany . 2 it is a leading commercial property owner in germany and other european countries . contents 1 activities 2 investments 2.1 storage caverns 2.2 institutional funds 2.3 brownfield sites 3 history 4 management history 5 2013 2014 insolvency proceedings 6 references 7 external links activities edit the core business of ivg immobilien ag is acquisition and management of commercial properties in germany . it holds a private portfolio worth around 3.5 billion and is the largest holder of income producing office properties in germany . investments edit storage caverns edit the investment company ivg caverns gmbh focuses on the construction of caverns for storage of crude oil and natural gas as well as their operation and leasing . cavern lessees are companies in the energy sector and state oil storage organizations . 3 institutional funds edit the investment company ivg institutional funds gmbh is the leading provider and manager of structured real estate products for institutional investors with assets under management of around 11 billion as integrated investment platform with a europe wide network of branches and years of expertise the company offers its investors all services within the structuring and management of real estate investment products . ivg institutional funds focuses primarily on commercial properties in the office retail and logistics sector in europe . brownfield sites edit as the successor of the former mining business ivg also owns several brownfield sites . by agreement with the state of lower saxony in april 2014 ivg is obliged to restore or removed such contamination . for this purpose ivg will provide 2 million annually over the next 15 years for testing and remediation . 4 history edit ivg was founded in 1916 as a montanindustrie coal and steel industry enterprise . in 1951 it was converted into an industrial company whose sole shareholder was the federal republic of germany through the federal ministry of finance . in 1986 the company was converted to a public company and partially privatized . in 1993 ivg was full privatized though a stock market offering . in 1996 ivg was renamed ivg holding ag and from 1997 focused on office and commercial property development and ownership . in 2002 after disposing of non real estate businesses it was renamed ivg immobilien ag . 5 in april 2004 ivg acquired 50.1 percent of oppenheim real estate investment company ltd. oic 6 and in 2005 ivg acquired 33 gas storage caverns owned by the federal republic of germany in etzel near wilhelmshaven . ivg s interest in oic increased to 94 percent in 2006 2007 and oic was renamed ivg institutional funds gmbh and integrated into the former ivg funds . on 21 february 2007 ivg immobilien ag and uk investment firm evans randall completed their joint purchase of the gherkin building in london for gb 630 million making it britain s most expensive office building . gherkin went into receivership in april 2014 due to mortgage defaults that stretch back to 2009 . the accountancy firm deloitte has been appointed receiver and says it will conduct a sale of the building . management history edit from 1995 to 2006 eckart john von freyend was ivg s ceo . 7 at the end of his contract on july 1 2006 he was appointed to the supervisory board of the company where he remained until april 2010 . his successor as ceo of ivg immobilien ag was wolf leichnitz . 8 on september 30 2008 leichnitz resigned for personal reasons . 9 leichnitz was followed on november 1 2008 by gerhard niesslein as executive chair of the company . 10 after niesslein had unexpectedly not renewed his contract which expired at the end of october 2011 wolfgang sch fer the former cfo followed as chief executive officer on november 1 2011 . 11 2013 2014 insolvency proceedings edit the squaire frankfurt airport next to bundesautobahn 3 in the summer of 2013 the company fought the threat of bankruptcy . ivg s stock market capitalization had fallen to around 54 million . write downs on its property portfolio breakdowns in project development and especially the construction cost overruns for the squaire project at frankfurt airport were the primary cause of ivg s insolvency . 12 in august the group announced that 350 million would be written off the value of ivg s assets reducing the share capital by more than half . on august 11 2013 major creditor groups agreed to a restructuring plan and to provide a bridge financing to be initially secured by the assets of the company . however not all stakeholders gave the required consent making a nonjudicial restructuring impossible . on august 21 2013 the executive board of the company sought insolvency protection . 13 on november 1 2013 the amtsgericht bonn granted the request of the company to initiate protection proceedings under self administration . ivg had as of august 2013 around 4.2 billion of debt and assets under management of more than 20 billion . 14 on march 20 2014 the majority of the parties creditors and shareholders agreed at the insolvency court in bonn to the insolvency plan prepared by the executive board . it provided for payment of a rate of at least 60 percent to unsubordinated unsecured creditors with the balance to be converted through debt to equity swaps granting the creditors newly issued shares in the company . existing shareholders shares were extinguished and no recovery was planned for subordinate creditors . dgap ad hoc march 20 2014 . immediately following the meeting n tv march 17 2014 the former ceo wolfgang sch fer was reappointed . the amtsgericht bonn confirmed the insolvency plan on june 13 2014 . appeals against confirmation were rejected by the district court in bonn on july 11 2014 and judicial confirmation of the insolvency plan became effective on july 15 2014 . the insolvency of ivg immobilien ag was formally ended on august 14 2014 . wolfgang sch fer stepped down from office on march 17 2014 which had been expected after he had driven the restructuring of the company by initiating insolvency proceedings and playing a major role in the creation of the insolvency plan . 15 sch fer remained in office until the end of the insolvency proceedings in september 2014 . the restructuring expert hans joachim ziem was also appointed to the board . 16 ralf jung took over as ceo of the company with effect from 21 september 2014 at which time hans joachim ziem left the board . 17 references edit a b c d annual report 2010 pdf . ivg immobilien . retrieved 10 april 2011 . ivg immobilien ag . retrieved 2015 01 27 . der immobilienkonzern ivg lagert in etzel ber zehn millionen kubikmeter roh l. das l befindet sich in 20 gro en salzkavernen . es handelt sich nach betreiberangaben um eines der gr ten roh llager europas . umweltministerium und ivg schlie en vergleich presseinformation nr . 53 2014 des nieders chsischen ministeriums f r umwelt energie und klimaschutz 29 april 2014 from the montan to a european real estate and infrastructure investor . retrieved 2015 01 27 . ivg immobilien bernimmt 50 1 % an oik 22 april 2004 litos . abgerufen am 8 . november 2014 . immobilienkonzern ivg kriegt neuen chef . in handelsblatt 29 june 2006 . ivg chef leichnitz geht . in handelsblatt 16 september 2008 telekom manager f r leichnitz . in manager magazin 29 october 2008 . ivg immobilien finanzchef sch fers l st niesslein ab . handelsblatt 17 may 2011 . helmut b nder einsturzgefahr auf der dauerbaustelle . faz.net 19 july 2013 . immobilienkonzern ivg beantragt schutz vor gl ubigern http www.bbc.co.uk news business 27151893 personeller neuanfang bei ivg . handelsblatt 17 march 2013 . chef verl sst insolvente ivg . n tv 17 march 2014 . ivg ralf jung neuer ceo . cash.online 22 september 2014 . external links edit official website website of ivg immobilien ag retrieved from https en.wikipedia.org w index.php title ivg immobilien & oldid 739712032 categories companies of germanycompanies based in bonncompanies established in 20022002 establishments in germanyreal estate companies navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutschfran aist rk e edit links this page was last modified on 16 september 2016 at 13 40 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view