Ad Hoc Releases, 2004-12-15, 01:00 AM
ThyssenKrupp sells Residential Real Estate for 2.1 billion euros
ThyssenKrupp has sold its Residential Real Estate group for 2.1 billion euros to a consortium comprising real estate funds of the US bank Morgan Stanley and Corpus-Immobiliengruppe, based in North-Rhine Westphalia. A corresponding agreement was signed today. 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 company has 184,000 employees and sales of over 39 billion euros. Most of its activities occupy top 3 market positions. ThyssenKrupp 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 as well. The acquisition is still subject to approval by the regulatory authorities and the Supervisory Board of ThyssenKrupp AG.
Dr. Jürgen Claassen
Corporate Communications, Strategy, and Executive Affairs
Telephone +49 211 824-36001
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