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- Nordics Property Breakfast
31 May 2012
Frankfurt am Main, Germany
Upcoming Events
- Property Debt Breakfast
20 June 2012
London
German property share revival not yet adequate for capital moves - CEOs
Despite the real estate stocks' revival in recent weeks, the time is not yet right to make capital increases and gains may well prove to be temporary, the heads of two German real estate companies said. The German MD of Italy's Pirelli RE noted however his group's e400m capital raising should go through smoothly. IVG CEO Gerhard Niesslein and DIC Asset CEO Ulrich Höller told a conference the marginal rise in share prices in April still left a significant discount to net asset values. "We are well aware that this could be a 'dead cat bounce' amid considerable ongoing economic problems and a difficult financing situation," Niesslein said. IVG reported pre-tax earnings of e14.4m in first quarter, down e10m from 1Q08.