IVG Immobilien AG is selling office real estate in Brussels and an office complex in Milan for a total of €57 million to LB Immo Invest GmbH and TMW Pramerica Property Investment GmbH, the capital investment company of Pramerica Real Estate Investors.
The 9,300 m² Twin House in Brussels was built in 1989 and renovated in 1998. The tenant is the mobile telecoms service provider Base. The Palazzi Fermi and Galeno office complex in Milan has rental space of 15,800 m², was built in 1995/96 is let to the listed Internet bank Mediolanum S.p.A.
As part of its active buy-and-sell strategy, the Bonn company is selling both properties following successful appreciation as a result of new rental agreements. Thus a profit of €8.5 million will be realised.