Cording Group and Marstall have combined their commercial property management businesses in Germany.
This follows the acquisition by Cording Real Estate Group of MGI in Frankfurt last year.
The merged company will trade as Cording Management with immediate effect and means that Cording Real Estate Group now has 83 staff managing 482 buildings with a value of around EUR4bn, including investment management mandates of around EUR1.18bn.
Frank Ritscheck from Marstall and Arindam Mitra from Cording Real Estate Group will jointly manage the combined team that consists of 40 staff based in Berlin, Haldensleben, Frankfurt, Düsseldorf, Stuttgart and Ludwigsburg.
Cording Management will deliver property, technical and accounts management for a wide spectrum of clients including Commerz Real, ZIAG Immobilien AG, REO and Buccleuch. The properties are spread across all commercial sectors and include buildings such as the Japan Tower and Eurotheum in Frankfurt and Marstall Centre in Ludwigsburg.
Arindam Mitra, managing director, Cording Management, says: “This partnership provides Cording with the footprint and network needed to support clients across Germany. With six offices we can deliver a truly seamless service for all of our clients.”
Peter Dove, chief executive, Cording Group, says: “Marstall brings into the Cording Real Estate Group a top class property management team with a highly successful, 33 year proven track record. The merger significantly enhances our property management capability both in Germany and internationally.
“Today’s announcement is part of our on-going strategy to create a unique, vertically integrated, real estate management business in our chosen markets, allowing us to be able to both manage investments for owners and provide a fully integrated investment management service.”