IVG Immobilien AG sells tank farm business to TanQuid
IVG Immobilien AG, one of the major listed property companies in Europe, the tank farm business to TanQuid Zweite GmbH & Co. KG for € 58 million sold. The sale of the tank farm business had been announced in the spring as part of the concentration on core business. In the Caverns division, IVG focuses exclusively on the future large-scale underground storage of gas and oil. The tank farm serves
business of IVG a storage capacity of over 1.1 million m³, with locations in Germany and Poland. The company's activities include the storage and handling of petroleum products. In 2006 it generated sales of € 15.5 million. Its customers include oil companies, independents, and the German oil stocks.
The acquirer TanQuid Zweite GmbH & Co.KG, like the TanQuid GmbH & Co.KG, which is already one of the largest independent operators of tank storage services in Germany, one led by the Macquarie Group Investment. Macquarie intends in this context, the tank storage business of IVG continue long term. The Federal Cartel Office has already approved the transaction.
Dr. Wolfhard Leichnitz, IVG's CEO: "The sale of the fuel storage business represents an important step towards concentrating on our core business of office properties and caverns, the Caverns division, with a current market value of € 1.4 billion, is now expanding. forward to another 90 caverns and thus contribute to the further growth of the IVG. "
IVG Immobilien AG IVG Immobilien AG
is a European real estate company with property assets of over € 19 billion in its Investment, Funds Development and Caverns. The investments focus on office properties in major European Top sites. IVG uses its branches to successfully leverage market opportunities in the regions and generate attractive returns for its investors.
Source: Wall Street read online
http://www.wallstreet-online.de/nachrichten/nachricht/2161056.html
more ...: IVG Immobilien AG source
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