Ad hoc: Deutsche Post sells real estate portfolio to investor04/01/2008
Deutsche Post today announced that it has reached an agreement to sell a portfolio of real estate properties comprising about 1,300 assets located mainly in Germany to U.S. investor Lone Star in a cash transaction worth 1 billion euros.
The all-cash sale price will be paid in several tranches with the largest share expected by year-end 2008. The agreement will have only marginal effect on Group EBIT and will not affect the 2008 earnings guidance.
Under the terms of the agreement, the transfer of the real estate assets will take economic effect as of July 1, 2008. Deutsche Post World Net will lease back the major part of the properties under an innovative lease agreement giving the Group immediate relief from excess space and flexibility going forward.