IVG said to tap banks to sell its property business

Berlin

IVG Immobilien AG, the German property company that was taken over by creditors including Cerberus Capital Management LP in 2014, is preparing to exit its main business of owning and managing offices, according to two people with knowledge of the plan.

IVG has hired Goldman Sachs Group Inc and Deutsche Bank AG to advise it on the process, said the people, who asked not to be identified because the information is private.