German investor IFM Immobilien has sold the office property westendFirst in Frankfurt am Main to Bayerische Apothekerversorgung for EUR 55 mln.

Following repayment of a property credit, over EUR 33 mln before tax will flow into IFM's accounts, along with minority shares amounting to some EUR 22 mln. The property is set to be handed over to the new owner on 1 February 2010. In addition, the smaller office property Ulmenstraße 22 has been sold to a strategic investor for EUR 11.5 mln.

'By selling these two properties, we have proved that our business model really works, even amidst economic turmoil,' said Georg Glatzel, CEO of IFM Immobilien.

IFM Immobilien AG acquired the westendFirst property in Frankfurt's West End in 2003, revamping it between 2004 and 2006. The property consists of a 16-storey tower with a neighboring six-storey building, offering a total of 8 339 m2 of office space. The property has been fully leased since March 2007.