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IVG Immobilien to set up office real estate firm

has set up a office real estate firm and appointedMichiel Jaski to serve as its CEO, effective May 9.

Jaskiwas recently CEO of listed Netherlands-based company Grontmij NV.

IVG saidthe new company will be created in the "near future" and will have itsheadquarters in IVG's landmark property, The SQUAIRE, at the Frankfurt Airport.

As atDec. 31, 2015, the office property portfolio had a total value of approximately€3.2 billion and covered a total rental area of around 1.4 million square meters.