German quoted company IVG Immobilien has sold 12 office buildings to CIT Europe for €85m (£57.5m)

The buildings total 538,200 sq ft (50,000 sq m) with ten of the properties located in Dresden, and the remaining two located in Berlin-Schönefeld and Dortmund.

The Capital and Income Trust Group of Companies (CIT) was founded in London in 1995 by John Barroll Brown. CIT Europe was established in 2004 to undertake property investment in continental Europe and is based in London.

The German investment company IVG said the sale was part of its strategy to focus on office properties in central sites in selected major European office locations. IVG has €18bn (£12.18bn) of assets under management.

Property services firm DTZ advised the buyer and law firm Clifford Chance advised the seller.