IVG Immobilien has sold three real estate properties in Paris, Milan and Brussels for a total of EUR 83 mln. The transaction generated a profit of EUR 16 mln, the German real estate investment company said.
IVG Immobilien has sold three real estate properties in Paris, Milan and Brussels for a total of EUR 83 mln. The transaction generated a profit of EUR 16 mln, the German real estate investment company said.
The company acquired a real estate portfolio from property association Channel Hamburg in return. The portfolio consists of eight office buildings with a total of 47,500 m2 and is located in one of the Hamburg's most important development areas, it said.
In Paris, real estate property Rue d'Aguesseau 121-123 was sold to LB Immo Invest, Hamburg. The disposal price of EUR 52 mln was greater than the current market price, IVG said. Thomas McDonough & Sons of Galway in Ireland bought Le Croissant on Avenue de Beaulieu for EUR 24 mln. The building is used by the EU. The Palazzo dei Cigni property in Milan, with 29 shop locations, was sold for EUR 7 mln. IVG said it was removing a retail property from its portfolio and also generating an attractive book profit.
IVG said improved all earnings ratios in the first nine months of 2006 as against the previous year. Against the first nine months of 2005, Group EBIT improved from EUR 140 mln to EUR 208 mln. Net profit improved from EUR 56 mln to EUR 127 mln.
