German property firm IVG said its underground oil and gas storage facilities unit will triple its share of the company's net profit to roughly a third of group profit within the next five years. Speaking at the Reuters Real Estate summit, ceo Wolfhard Leichnitz said the unit currently accounts for around 10% of total profit. He added that the company is also planning to expand its funds and investment business.
Portuguese real estate investor and developer Bondstone is investing around €70 mln in a residential development in Belas Clube de Campo, municipality of Sintra, Portugal.
