IVG losses shrink to €158m

IVG’s net loss for 2009 fell nearly €300m to just €158m. That puts in perspective just how traumatic a year 2008 was for the company. The company shed its spec developments last year and has begun focusing primarily on asset management, a course that doesn’t look set to change anytime soon.

“We will consistently follow the course that we have embarked upon and continue to reduce IVG’s debt and risks in 2010,” Chief Executive Officer Gerhard Niesslein said in a statement. “This mainly includes the successful completion and sale of projects from our development pipeline as well as focusing on restructuring IVG’s operations.”

Revenues grew 38% to €838m.


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