TUI divests residential properties in the Ruhr area
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October 26, 2005
Preussag Immobilien GmbH (PSI), Salzgitter, a wholly-owned subsidiary of TUI AG, will sell its residential property holdings in the Ruhr area to the London-based investor Grainger Trust plc (Grainger) with effect from 31.12.2005, subject to outstanding approvals. The transaction involves approx. 1400 rented apartments with total living space of approx. 93,500 sqm, located in the heart of the Ruhr area, primarily in the cities of Recklinghausen and Herne, as well as a few related commercial units, garages and other properties.
The purchase price amounts to approx. 70 million euros. This transaction largely concludes PSI's divestment of its properties in the rental market as part of the TUI AG divestment programme. This move will not affect PSI's other activities as a provider of real estate services for the TUI Group, such as the management of commercial properties and residential property holdings, site and project planning for development areas and industrial parks.
Grainger is the largest British residential property company listed on the London stock exchange. In the interests of continuity of customer care for the tenants, the new owner intends to take over the employees of the previous PSI branch office in Recklinghausen.
Commenting on the transaction, PSI Chief Executive Hans-Peter Rietze stated: “We are delighted to have found a partner like Grainger for the divestment of our rented property holdings, as the company is planning a long-term commitment, has extensive experience in the management of rented properties and also promises continuity in this sector.”
For further information please contact:
Björn Beroleit, phone +49 511 566-1310