Company News, 2004-08-19, 02:00 AM
Statement on ThyssenKrupp Residential Real Estate
1. To meet statutory requirements, ThyssenKrupp plans to change its accounting from US GAAP to IFRS in fiscal 2005/2006. In connection with this, the real estate owned by ThyssenKrupp Immobilien is also being revalued. ThyssenKrupp Immobilien owns around 49,000 housing units. These housing units and numerous items of operating and non-operating property are currently being revalued with third-party assistance.
2. As is the case with other activities in the ThyssenKrupp Group, we repeatedly receive queries from people interested in our Residential Real Estate business. They want to know whether we would be prepared to sell individual properties, parts of the business or the business as a whole.
3. In connection with the changeover to IFRS accounting, ThyssenKrupp Immobilien is of course also interested to know what value third parties place on our Residential Real Estate. For this reason, we have given serious prospective buyers the opportunity to submit an offer. However, this is in no way indicative of a decision to sell.
4. Irrespective of all considerations, the following principle applies: ThyssenKrupp has always strived for and achieved best-owner solutions when selling companies in the past and will continue to do so in the future. That means that in the event of any hypothetical change of ownership at ThyssenKrupp Residential Real Estate, it goes without saying that tenants would retain their rights and their interests would be considered appropriately.
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