IVG Immobilien AG is selling 29 office, commercial and logistics properties for €315 million in an international bidding process. The book profit is in the region of double-figure millions and will predominantly be part of earnings in 2007. The buyer is Scarborough Continental Partners Ltd, advised by Teesland iOG, the operating company of Teesland Plc.
The real estate portfolio comprises 260,000 m² of lease space with 3,000 parking spaces. The properties are located in business parks in Düsseldorf, Munich, Hamburg, Nuremberg and Kassel. The transaction advisor for IVG was Cushman & Wakefield Corporate Finance Germany.
Bernd Kottmann, Member of the Board of Directors with responsibility for portfolio management at IVG, said: "We have upgraded and prepared the real estate portfolio for sale with new buildings, renovations and leasing. We are delighted to be able to hand this package to a renowned international investor."
With this sale, the Bonn-based real estate company is confirming the strategy of improving the quality of its portfolio with both construction measures and leasing and using favourable periods on the market to generate profit.