Listed German real estate company IVG Immobilien has sold a 5,000-m2 office located in Rome to a local developer who plans to convert the property into a hotel. The financial details were not disclosed.

International real estate advisor Savills advised IVG on the sale of the asset at Via Amendola 64, Rome.

IVG is the largest listed property group in Germany and manages a total of EUR 22 bn worth of European real estate assets. About EUR 15 bn of this is held on behalf of IVG-managed funds and separate mandates.