RealTime IT News

IPG Expands to U.S. with Internet-based Initiative

International Properties Group has announced the formation of a wholly-owned U.S. subsidiary with an extensive e-commerce platform.

The Delaware Corp. has been established to extend the reach of IPG's wealth management services throughout the U.S.

IPG's "Virtual Apartment Building" concept enables clients to create geographically-diverse portfolios of well-selected, high-grade investment properties in high growth and emerging markets. The company owns or asset manages 54 properties with 7,697 condominium suites.

An important first step will be to launch a Web site to support the U.S. initiative. The site is scheduled to launch this quarter and is intended to become a leading online community for individual real estate investors.

"Our revolutionary approach to wealth management through real estate investment has established broad appeal," said Phillip J. Carroll, Chief Executive Officer of IPG. "We have established relationships with important U.S. partners who will help roll out our services in this significant market."

"To further enhance this e-commerce platform, strategic alliances will be formed to position us with leading Internet companies," said David Steele, President of IPG. "Included, will be online mortgage companies and financial service portals."

IPG is investing US$2 million of seed capital for the venture. The company has also indicated that it is currently engaged in discussions with several venture capital firms.