Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

BONN-Locally based listed property group IVG, Germany's largest, posted a much narrower consolidated net loss of €2.2 million in third quarter 2009 from a loss of €54.5 million in Q2 2009, but said operations are now stable and liquidity is assured following restructuring of debt, and completed asset sales.

"IVG is now entering a phase of improvement in its operating performance and the active, selective exploitation of market opportunities as planned," said CEO Gerhard Niesslein. "We intend to achieve this operational improvement through cost reductions and process optimization."

In operations, IVG reported like-for-like occupancy of 91.4% across the portfolio at end September, essentially unchanged on the previous quarter, pre-letting for development projects improving to 64.4% at end-October, liquidity assured through debt restructuring and sales, and cost-cutting initiated, with significant savings potential through 2012.