Cash-strapped German property company Vivacon has signed an agreement to sell part of its development business to an unnamed international investor. The firm said it has sold five development projects in Berlin, Hamburg and Düsseldorf with a total project volume of EUR 345 mln. The transaction, which is conditional on approval by banks, is expected to be closed by June 30, 2009. The purchase price was not disclosed.
Swiss real estate group Investis has boosted its real estate holdings with the CHF 139 mln (€149 mln) purchase of prime residential properties in Vaud canton.
