FRANKFURT Aug 27 German property company IVG
Immobilien is planning a new attempt to sell The
Squaire, the office and hotel building perched on top of the
train station at Frankfurt airport, a source familiar with the
process told Reuters.
IVG, famous for co-owning the Gherkin skyscraper in London,
became insolvent after being weighed down by debt and cost
overruns. The Squaire has been one of its most problematic
The talks with brokers and interested parties are at an
early stage and any sale is likely to only get going once the
company has come out of the insolvency process, the person said.
The building at Frankfurt airport with 146,000 square metres
of lettable space was opened in 2011 but is not yet fully rented
According to the most recent figures available The Squaire
had a book value of 800 million euros ($1.06 billion), against
building costs of over 1 billion euros in the company's 2012
IVG declined to comment.
The move to sell the Squaire was reported earlier by
(1 US dollar = 0.7580 euro)
(Reporting by Kathrin Jones; Writing by Victoria Bryan; Editing
by Alexander Ratz and Michael Urquhart)