German property manager Vivico has cut 40 staff in order to stand a better chance of finding a buyer. Vivico manages a portfolio of 220 properties that previously belonged to German state rail company Deutsche Bahn.
“We want to become highly attractive for an investor,” said Vivico spokesman Wilhem Brandt. Last year, Vivico adopted a new strategy with the ultimate goal of finding a suitable buyer.
Meanwhile, Vivico continues to raise the value of its 8.5m m2 portfolio, which consists of both properties and development projects. One of its strategies for doing so is to apply for planning permission and redevelop sites, Brandt said. Vivico’s portfolio consists of mostly commercial property and includes planning consents for up to 1.2m m2 in German city centres.
Vivico is the successor of Eisenbahn Immobilien Management, founded in 1996 to raise cash for the railways by selling off property.
