After the disposal of a property in Milan a few weeks ago, IVG Immobilien AG has now sold the Rue de Lausanne building in Geneva to a private investor for more than 61 million. With this transaction, IVG generated tax-free earnings of 4 million which will impact the income statement in 2005.
Rue de Lausanne, Geneva, Switzerland.
The building is a 10-floor office building with a rental area of 13,400 square metres in the centre of Geneva. IVG acquired the premises in 2001 by taking on the bank liabilities. In 2004, the building was completely renovated in rented state. At the same time the tenancy level was increased to 95%.
The sale is a good example of IVG's strategy to extract property from difficult situations, increase the value by renovation and concluding new rental contracts, before selling it on at an attractive profit.
IVG Immobilien AG is a European real estate investment company and manages investments of 16 billion in the business areas of portfolio management, project development and property funds. The investments are concentrated on office and logistics properties and business parks in the significant major cities and growth centres of Europe.
Source: IVG Immobilien
