Berlin-based IMW Immobilien said it is negotiating the sale of a EUR 230 mln portfolio after it unveiled a loss of EUR 160-170 mln in the year running to end-March 2009. The loss compares to a profit of EUR 32 mln a year before. The company said it is negotiating the sale of the assets with a number of investors in a bid to improve its financial situation. Management is convinced it will close the negotiations successfully in the next weeks, it added.
Berlin-based IMW Immobilien said it is negotiating the sale of a EUR 230 mln portfolio after it unveiled a loss of EUR 160-170 mln in the year running to end-March 2009. The loss compares to a profit of EUR 32 mln a year before. The company said it is negotiating the sale of the assets with a number of investors in a bid to improve its financial situation. Management is convinced it will close the negotiations successfully in the next weeks, it added.
In a statement on its preliminary results, IMW Immobilien said full-year rental revenues are expected to come to around EUR 59 mln, slightly down from EUR 60 mln a year before.
'The reasons for this development are revaluation of the group properties which result in non-realised losses of approx. EUR 170 mln,' the company said. In addition depreciations of financial derivates accounted for another EUR 20 mln.
In April the company realized a capital increase of EUR 6.3 mln to boost liquidity.
