With closed-end funds IVG Immobilien AG is concentrating on the EuroSelect series and is selling its 25% stake in Hannover Leasing GmbH & Co. KG. With the sale, IVG posts an attractive book profit which will be recognised in income in 2006. The buyer is Landesbank Hessen-Thüringen which has thus increased its holding to 75%.
The financial stake held by IVG since 1996 in Hannover Leasing, which offers participations in films, ships and aircraft along with closed-end real estate funds, was a successful investment. Since IVG has established a leading market position with its EuroSelect series over the past few years as a provider of closed-end real estate funds and will exploit further considerable growth potential, concentration is sensible from a strategic perspective.
The EuroSelect 12 is currently being marketed. It allows participation in the London Wall 60 office property in the heart of London City which is fully leased to the ING banking group. The fund has a volume of €350 million.
Source: IVG Immobilien AG