In the final days of last year, IVG Immobilien AG realised its sales programme for 2004 successfully. Property worth over â¬230 million was sold in Brussels, Milan, Munich, Helsinki and Kassel. The sales will be included in the 2004 financial year result and lead to a satisfying book profit, confirming the forecast for net income for the year of â¬70 million.
The largest sale took place in Brussels. Square de Meuus 8 was sold in a share deal for â¬152 million. This property has 40,700 mÂ² of office space, 490 parking spaces and is on long-term lease to the European Commission. The investment company KanAm Grund is reserving the property for its open-ended property fund KanAm grundinvest Fonds. IVG acquired the property, which was built in 1976 and renovated in 1996, upon its takeover of the Swedish property company Asticus in 1999.
'With the sale of the Square de Meuus property, we are realising the satisfying market development in Brussels with our result and refining our portfolio still further in line with the size of the Brussels market', IVG Portfolio Management Director Bernd Kottmann explained.
Source: IVG Immobilien