Deutsche Post World Net sells real estate portfolio to investorBonn, 04/01/2008, 11:30 AM CEST
Deutsche Post World Net is divesting real estate assets as part of its "Roadmap to Value" capital markets program presented in November. "We are very committed to the Roadmap to Value initiatives and this transaction again demonstrates our constant focus on quick execution," said Chief Financial Officer John Allan.
Today's transaction comes on top of some 350 million euros of real estate sales agreed since last November. The Group thus has already more than delivered on its pledge to generate at least 1 billion euros in cash from real estate sales by 2009. 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. The transaction will not lead to any changes for customers or employees.