- The Washington Times - Thursday, March 19, 2009

FRANKFURT (AP) - German industrial company Siemens AG said Thursday it has sold off more than 4,000 units of its residential real estate holdings, but didn’t reveal the prices of the deals.

In a brief statement, Munich-based Siemens said the buyer was a consortium comprised of the German companies Wohnbau GmbH, GBW Gruppe and Volkswohnung GmbH, and that the sale still faced regulatory approvals.

Siemens, not specifying whether the properties were houses or apartments, said the sale included 2,300 dwellings in Erlangen, 1,100 in Munich and 650 in Karlsruhe and Bruchsal.

Shares of Siemens closed down 0.5 percent at euro43.63 ($71.42) in Frankfurt.


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