HBG Properties sells large portfolio to IVG Immobilien in innovative transaction
Bunnik, The Netherlands, 30 August 2007 – HBG Properties Ltd (the property development arm of HBG UK, an operating company of Royal BAM Group) has sold eight office properties within its portfolio to investor IVG Immobilien AG for £146 million (approximately € 215 million).
IVG acquires in one transaction eight new properties, in locations throughout the UK. The projects are at different stages of development. HBG Properties will continue to manage the properties through development to completion and letting. This innovative transaction is a platform for further growth of HBG's property development activities.
The properties total approximately 110,000 square metres (360,000 square feet). They are located in Chiswick (The Building), Bristol (Gemini Building), St. Albans (CTI Centrium Business Park), Swindon (Canberra and Kingston Houses), Leeds (Latitude Red), Edinburgh (Interpoint) and Glasgow (Apsley House).
Further information:
- press: A.C. Pronk, 31 (0)30 659 86 21;
- analysts: P.Juge, 31 (0)30 659 86 01.
