Munich Re: €294mn return from property sale in the first quarter
End of November sale of residential and commercial properties by MEAG, a subsidiary of Munich Re, drove the company's 2007 first quarter results upwards. According to its financial statement, Munich Re achieved capital profits of €294mn from the sale of buildings and land, which will be transferred to the buyer by the end of February, with a book value of €217mn. In November, MEAG disclosed the sale of a property portfolio with a total value of around €1bn to Goldman Sachs' Whithall 2005 Funds and to Patrizia Immobilien AG.