Gerhard Niesslein has succeeded in bringing IVG Immobilien back from the brink since he was brought in last November to revive one of Europe's largest listed real-estate investors.

Niesslein persuaded 11 German banks to grant an emergency loan extension of €1.3bn in March, giving IVG a new lease on life. Since then he has moved faster than expected in selling property, raising €1bn by unloading office buildings in leading European cities such as Milan, Paris, Munich, Düsseldorf, Budapest and Helsinki.

In October, IVG carried out a €72 million capital increase through a share sale to investors and is using the proceeds to establish two property-investment funds. The funds are part of a change in the company's strategy, initiated by Niesslein, that aims to boost recurring income and make more efficient use of the company's limited financial resources.

But IVG is still carrying a heavy debt load of some €5.5bn.

Wall Street Journal