German residential property company Deutsche Wohnen said on Thursday it has sold its cable subsidiary AKF to telecoms provider Versatel for EUR 30mln because it no longer forms part of its core business. The deal is subject to regulatory approval.
German residential property company Deutsche Wohnen said on Thursday it has sold its cable subsidiary AKF to telecoms provider Versatel for EUR 30mln because it no longer forms part of its core business. The deal is subject to regulatory approval.
Commenting on the deal, Deutsche Wohnen board member Michael Zahn said: 'The disposal of AKF is a further milestone on the path of restructuring Deutsche Wohnen. We were able to conclude the disposal faster than expected and at an attractive price. This sale is an important step towards our goal of focusing on our core business of residential properties.'
Last July, SDAX-listed Deutsche Wohnen merged with Berlin-based Gehag Group in a move which doubled the number of residential units Deutsche Wohnen manages. The combine now manages 51,000 residential units with a lettable area of roughly 3.2 milliion m2, located mainly in the Rhine-Main area and in Berlin.
