Deals
IVG Said Lining Up Sale of $1 Billion Frankfurt Squaire
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IVG Immobilien AG, the German property owner taken over by creditors earlier this month, has started the process of selling a Frankfurt office building that’s the company’s biggest asset, according to two people with knowledge of the deal.
The Squaire, an elongated ship-like office and hotel building next to Frankfurt Airport, is valued at about 800 million euros ($1 billion), said one of the people. Bonn-based IVG is in the process of selecting a broker to manage the sale, said the other person. Both asked not to be named because the sale is private.