The secretive Mann group, which in the 1990s exited theGermany-wide Mann Mobilia furniture group founded in the 1980s andthe Wertkauf chain to WalMart, owns properties across the worldwith a focus on the US (Texas, New York) and Germany. The Manngroup built, post WW II by Hugo Mann who died in 2008 worth over $3billion, is now run by his son Johannes Mann. Also owning theWesthafen and Citibank buildings in Frankfurt, its acquisition ofthe outstanding share package from Solidas 3, the holding firm ofthe former Sal. Oppenheim partners, is subject to approval fromGermany's antitrust agency.

"The investment of this dedicated and experienced real estateinvestor is a great sign of confidence in the strategic realignmentof our company" commented IVG CEO Gerhard Niesslein. IVG sharesclimbed slightly more than $8.08 after the news. IVG manages assetsworth $31 billion in 18 German and European cities. It ownsproperties with a market value of $6 billion, and manages theremainder in a funds division.