Dutch communication services group KPN sold property assets for a total of EUR 180 mln in 2008, of which around EUR 140 mln during the fourth quarter of the year. During the presentation of its fourth-quarter results on Tuesday the groups said that real estate disposals fell short of the amount planned at the beginning of the year.
Dutch communication services group KPN sold property assets for a total of EUR 180 mln in 2008, of which around EUR 140 mln during the fourth quarter of the year. During the presentation of its fourth-quarter results on Tuesday the groups said that real estate disposals fell short of the amount planned at the beginning of the year.
'Real estate disposals have become markedly more difficult. At the outset of the year, proceeds of around EUR 300 mln were anticipated but this has proven to be an unrealistic target in the face of the macro economic downturn, which has particularly affected the real estate sector where transactions take longer to conclude,' it said in a statement.
It added: 'Going forward, the focus will remain on value optimisation rather than timing. It is anticipated that in 2009 the proceeds from planned real estate disposals will be of similar magnitude to that of 2008.'
KPN's EUR 300 mln portfolio consists of 34 office buildings. The group has sold a post office in Utrecht and office properties in Eindhoven, Groningen and Eindhoven.
