German Investor Pain Spreads to London With Losses From Olympia

Versicherungskammer Bayern flagged millions of euros in losses linked to one of London’s biggest property developments, adding to already painful hits for the German insurer from a foray into US real estate.

VKB’s annual report, published last week, shows an annual loss of €125 million ($144 million) for a holding company that invested in the Olympia Hammersmith project in London.