IVG Immobilien AG has sold a portfolio of German properties to CIT Europe for €91m (£73m).

IVG said the sale was part of a wider strategy to adjust its portfolio to fit in with its wider objectives.

It said it had chosen to sell this portfolio of nine properties for a number of reasons. Firstly, the property values are too small for the portfolio – with prices ranging between less than €2m (£1.6m) to €18m (£14.4m), and secondly, they are either not used as office buildings or are not located in the six most important German office markets.

IVG’s strategy is to invest in office properties at top European locations and is aiming for large investments.

Buyer CIT currently holds around €500m (£400.1m) of assets in Germany.