AIM-listed property investor and developer International Real Estate (IRE) revealed at its AGM that the acquisition of a number of new sites has increased the company's portfolio of residential and mixed-use properties in Germany to around 282,000 m[sup]2[/sup]. IRE Chairman Rolf Nordstrom told shareholders on Friday that so far in 2007 the company has continued to take advantage of the buoyant property market in Germany for commercial and residential investments.
AIM-listed property investor and developer International Real Estate (IRE) revealed at its AGM that the acquisition of a number of new sites has increased the company's portfolio of residential and mixed-use properties in Germany to around 282,000 m2. IRE Chairman Rolf Nordstrom told shareholders on Friday that so far in 2007 the company has continued to take advantage of the buoyant property market in Germany for commercial and residential investments.
Nordstrom also stressed that IRE intended to use the EUR 32 mln made available to the company through its recent bond issue to further expand its portfolio. In a separate announcement on the same day, IRE announced that they were convening an extraordinary general meeting in London on August 21st to authorise the increase of its share capital to fund additional acquisitions. IRE specialises in sourcing undervalued properties in the German market, to which they then add value through refurbishment programmes.
