CapitalBAY takes over facility management unit from LBBW Immobilien and establishes its own property manager

Berlin, 27. November 2019

Berlin-based Capital Bay GmbH (CapitalBAY) took over LBBW Immobilien Asset Management GmbH’s facility manager for freehold apartments (WEG- Verwaltung) on 1 November. All eight employees of the unit, based in Heilbronn, Leipzig and Dresden as well as management mandates for 3,800 residential units will be transferred to the newly established CB Immobilienverwaltung GmbH.

George Salden, CEO of CapitalBAY, says: "With the takeover and foundation of a new subsidiary, we are one step closer to our goal of being able to offer an integrated value and service chain in real estate. We are very pleased that we were able to take over all the employees of the unit – and thus also their many years of experience in the management of freehold apartments and special properties. At the same time, we are planning the further expansion of the subsidiary.” By the end of the year, CB Immobilienverwaltung targets growing to 15 employees.

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 pursuing our growth strategy in the service segment by supplementing our operational range of management services for freehold apartments and special rental properties. With Dresden and Heilbronn we are additionally gaining two new important offices and thus 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.