Dutch telecommunications company KPN has said it is changing its plans to dispose of 34 prime buildings in its real estate portfolio, by opting for individual sales rather than a block sale.
Dutch telecommunications company KPN has said it is changing its plans to dispose of 34 prime buildings in its real estate portfolio, by opting for individual sales rather than a block sale.
KPN's change in strategy comes after it concluded individual asset sales would yield better results after analysing bids received for these assets earlier this month. KPN stressed that the change in the sale process would not affect expected proceeds. It confirmed it expects to generate about EUR 300mln from real estate sales in 2008 and a total of about EUR 1bn in the period from 2007 to 2011.
KPN said the change in the process will also not impact the roll-out of its All-IP programme, which will allow the telecoms group to vacate most of its roughly 1400 local offices as it moves services online.
