German listed property company IVG Immobilien said it has sold a German real estate portfolio consisting of nine properties to London-based real estate private equity investor CIT Europe for EUR 91mln. IVG said the properties were sold because they were too small for its investment portfolio, with individual sales prices varying from EUR 2mln to EUR 18mln. IVG also said assets sold did not fit with its strategy of investing in office buildings in Germany's six most important office markets, as they either were not office properties or located elsewhere in Germany.
German listed property company IVG Immobilien said it has sold a German real estate portfolio consisting of nine properties to London-based real estate private equity investor CIT Europe for EUR 91mln. IVG said the properties were sold because they were too small for its investment portfolio, with individual sales prices varying from EUR 2mln to EUR 18mln. IVG also said assets sold did not fit with its strategy of investing in office buildings in Germany's six most important office markets, as they either were not office properties or located elsewhere in Germany.
IVG Immobilien manages real estate assets worth more than EUR 21bn through its IVG Investment, IVG Funds, IVG Development and IVG Caverns divisions. CIT Europe was established in late 2004 by parent company CIT Group to acquire and manage real estate properties on behalf of its investors in continental Europe. Since 2005, CIT Europe said it has acquired German assets with an aggregate value of about EUR 500mln.
