Germany's Deutsche Post World Net plans to sell off vacant real estate worth EUR 1-1.5 bn to generate cash and boost its share price, newspaper Financial Times Deutschland has reported. The paper said that the German postal company, headed by CEO Klaus Zumwinkel, has hired Morgan Stanley to organize the sale of the properties.
Germany's Deutsche Post World Net plans to sell off vacant real estate worth EUR 1-1.5 bn to generate cash and boost its share price, newspaper Financial Times Deutschland has reported. The paper said that the German postal company, headed by CEO Klaus Zumwinkel, has hired Morgan Stanley to organize the sale of the properties.
The portfolio being sold include 1,300 real estate assets no longer in use by the firm, or which will be vacated soon. About 50 of them are located outside Germany. The properties include the old railroad station at Berlin's Ostbahnhof, or Eastern Railway Station. The potential annual rental income is about EUR 90 mln, according to the FTD. Deutsche Post owns total real estate assets valued at some EUR 5 bn.
