ThyssenKrupp AG
Ad hoc statement by ThyssenKrupp AG in accordance with Art. 15 Securities
Trading Act (WpHG)
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.
|