IVG Immobilien posted a profit of over EUR 23 mln in 2010, returning to positive territory after two years of losses. Germany's largest property company by market capitalisation said that the result confirms 'not only a stabilisation of real estate markets but also the success of the operative and financial restructuring of IVG in particular'.

The company's operating result (EBIT) grew three-fold reaching EUR 256 mln in 2010, from EUR 64 mln in 2009. Net Asset Value per share increased for the first time in two years to EUR 7.02, from EUR 6.86 in 2009.

IVG, which owns assets worth EUR 22 bn, said its loan-to-value ratio stood at 70.3% at year-end 2010.

'After we have now been able to show the visible successes of our 'Operational Excellence & Efficiency' programme, we are focussing in 2011 especially on the successful placement of our major project The Squaire at Frankfurt Airport and on developing further innovative products for IVG and its customers in terms of IVG as integrated investment platform,' said Chief Executive Gerhard Niesslein.

Wolfgang Schäfers, Chief Financial Officer of IVG Immobilien, said the company will continue to improve its financial position by reducing debt and repaying and prolonging liabilities. 'The validity and correctness of this strategy has also been confirmed again by the successful capital increase in particular in February 2011 by capital market participants,' he added.