"We are expecting that the encouraging net income of â¬74,9 million in 2004 and the net asset value of â¬ 15,20 will again be exceeded this year", stated Eckart John von Freyend, CEO of the Bonn-based real estate Group IVG at the publication of its quarterly figures.
IVG has already achieved new rentals of more than 111,000 sqm in 2005. The economic letting quota of the companyâs portfolio is expected to increase to over 93% until the end of the year. Growing rental income and top rents in several major cities in Europe point to a recovery in the property markets which is likely to continue. The Groupâs buy and sell programme has started well. In 2005 IVG closed acquisitions for more than â¬ 530 million in London, Paris and Wilhelmshaven (caverns). There were sales for â¬ 120 million in Brussels, Milan, Munich and Paris, that will mainly become effective in the following quarters.
In Q1 of 2005, IVG increased its total operating performance to â¬103.7 million (Q1/04: â¬101.1 million). The result before income tax increased to â¬3.9 million (â¬3.1 million), the net profit after tax to â¬2.7 million (â¬2.3 million).
Particular important was the acquisition of gas and oil caverns in Etzel near Wilhelmshaven. They are used to store large amounts of gas and oil in a safe and environmentally friendly way. Now IVG has 40 gas and oil caverns in this fast growing market. The rent volume amounts to more than â¬45 million p.a. and will increase considerably as a result of major developments in planning.
A new acquisition is the office building "Parc Avenue" for about 90 million in the flourishing area of "Rive Gauche" in Paris. The seven floor building with 15,300 sqm will be occupied in 2007.