Frankfurt Airport Progress Lifts IVG
German real estate company IVG Immobilien reported a smaller-than-expected net loss for the first quarter, citing progress of its major project "The Squaire" at Frankfurt Airport and first rental income from the building.
The net loss in the first three months of the year was EUR€4.8 million (USD$6.22 million).
Chief executive Wolfgang Schaefer is struggling with "The Squaire", which is worth EUR€800 million, but has already cost the company EUR€1.25 billion due to construction problems.
The company confirmed its outlook, planning to break even this year and aiming to generate a net profit again next year, when the group is aiming to sell "The Squaire".