Company News, 2005-01-21, 01:00 AM
Supervisory Board of ThyssenKrupp AG approves sale of residential real estate business
In its meeting on January 21, 2005, the Supervisory Board of ThyssenKrupp AG approved the sale of the 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. 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. The disposal of the Residential Real Estate group is ThyssenKrupp`s biggest transaction since the merger in 1999. The acquisition is still subject to approval by the regulatory authorities.
In fiscal year 2003/2004 ThyssenKrupp acquired activities with sales of 0.6 billion euros and disposed of others with sales of 1.5 billion euros. Since the merger of Thyssen and Krupp in 1999 activities with sales of 5.4 billion euros have thus been sold and activities with sales totaling 7.0 billion euros acquired.
Dr. Jürgen Claassen
Corporate Communications, Strategy, and Executive Affairs
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