Germany’s IVG Immobilien AG has cut down its debt by a further €200m (£156.4m) following the completion and transfer of seven infrastructure assets to the IVG Cavern Fund.
The real estate and infrastructure giant has debts of €3.9bn, which it aims to reduce by a further €800m to €900m over the next two years.
CFO Dr Hans Volkert Volckens said: “The repayments to date will substantially reduce the company’s interest expenses. We are therefore continuing to assume that we can end 2012 with an almost break-even result and comfortably move back into the black in 2013.”
IVG Immobilien manages €21.5bn worth of assets.
sophia.furber@estatesgazette.com
