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“In spite of the challenging situation on financial and real estate markets, IVG sold a number of properties over recent weeks for a total of €470 million, the majority of them directly on the market, to private and institutional investors. At a 0.9% discount, sales proceeds were only slightly below the most recently ascertained market value. Hence, IVG has taken a considerable step to increase its financial flexibility and to safeguard the Company’s liquidity situationin the long term.
The sales consist of 5 transactions in Milan (approximately €300 million), Paris (approximately €50 million), Luxembourg (approximately €49 million), Düsseldorf (approximately €37 million) and Budapest (approximately €33 million). In the first half of 2009, IVG already sold properties for approximately €550 million, around 50% of which on the market and 50% to funds” . ( CS della Società)
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