IVG to Break Even This Year After Asset Sales: Frankfurt Mover

IVG Immobilien AG (IVG) gained as much as 4.4 percent in Frankfurt trading after the German real-estate company said it will break even this year after selling assets.

IVG expects to report a “substantial” profit for 2013, the Bonn-based company said in a statement today. IVG posted a 2011 net loss of 126 million euros ($168 million), or 1.11 euros a share. Analysts expected a loss of 72 cents a share, the average of four estimates compiled by Bloomberg.

The shares were up 3.4 percent at 2.40 euros at 9:23 a.m., paring the decline for the past year to 57 percent.

To contact the reporter on this story: Andrew Blackman in Berlin at ablackman@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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