IVG subsidiary Polar sells three shopping centres outside Helsinki and IVG stake in Polar increases to 85%. In accordance with IVG´s strategy of concentrating investments in important European growth centres, Polar sold two shopping centres outside Helsinki at the end of December. A letter of intent was finalised for the sale of a further shopping centre which entitles Polar to sell the premises at the end of February 2004.
Under this agreement, a total of 35,000 m² of retail floor space is being sold to a Finnish shopping centre investor at a price of € 56.3 million. The proportion of Polar´s real-estate portfolio based in Helsinki thus increases from almost 70% to over 80%.
IVG was successful in its takeover bid to acquire Polar shares at € 0.75 per share, and this increased its stake in Polar to 85%.
IVG manages a real-estate portfolio of around six billion euro and is currently developing a proportionate project development volume of one billion euro. IVG concentrates its investments in major European cities and growth centres.