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IVG Immobilien on track to form property unit with €3.2B of office assets

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IVG Immobilien on track to form property unit with €3.2B of office assets

In line with its planto divest most of its European office properties, IVG Immobilien AG is "well-advanced" to form aproperty unit comprising German buildings worth €3.2 billion in 2016, BloombergNews reported April 7, citing IVG CEO Dietmar Binkowska.

The Frankfurt-based new property unit could be structured in the form of a REIT. A sale ofthe unit could also take place in the form of a public offering or trade sale, accordingto Binkowska, who added that the company is keeping all of its options open.

IVG in October 2015 hired Goldman Sachs Group Inc. and DeutscheBank AG to advise on the sale of its European office assets in order to exit itscore business of owning and managing offices, as previously reported.

The company underwent a €3.2 billion debt restructuring, followingwhich it was acquired by its creditors in 2014. Its insolvency plan came into legaleffect under its financialrestructuring in the second half of 2014, as reported earlier.

Earlier in 2015, IVG withdrewthe sale of The Squaire hotel and office complex at Frankfurt Airport after securing€470 million in refinancing from Bank of America Merrill Lynch.