Capital market-relevant press releases Feb 10, 2005 1:00 AM
2.1 billion euro sale of ThyssenKrupp`s Residential Real Estate closed
The sale of ThyssenKrupp`s Residential Real Estate business for 2.1 billion euros to a consortium comprising real estate funds of the US bank Morgan Stanley and the North Rhine-Westphalian Corpus-Immobiliengruppe was closed today and thus legally consummated.
ThyssenKrupp Wohnimmobilien is one of Germany`s leading industry-based residential real estate companies. It has 370 employees and manages around 48,000 housing units in Germany`s Rhine-Ruhr region.
ThyssenKrupp is an international industrial group focused on the three main areas of Steel, Capital Goods and Services. The Group will concentrate more strongly on its core businesses. The disposal of the Residential Real Estate group is ThyssenKrupp`s biggest transaction since the merger in 1999.
Morgan Stanley`s real estate funds manage some 13 billion US dollars` worth of funds. Morgan Stanley regards Germany as a core market and is planning further investments in the coming years. The ThyssenKrupp Residential Real Estate group will serve as a strategic platform for this. Corpus-Immobiliengruppe, which is majority owned by the municipal savings banks (Stadtsparkassen) of Cologne, Düsseldorf and Frankfurt/Main, is one of the leaders in the Rhine-Ruhr real estate market.
Dr. Jürgen Claassen
Corporate Communications, Strategy, and Executive Affairs
Telephone +49 211 824-36001
Fax +49 211 824-36005