Deutsche Post World Net, the German logistics company, announced on Tuesday that it has agreed to sell 1,300 real estate properties, most of which are in Germany, to US investment company, Lone Star.
Lone Star is paying Deutsche Post EUR 1bn (US$1.56bn) in cash in several tranches for the real estate portfolio.
Deutsche Post will lease back the main properties from Lone Star, once the real estate assets change hands on July 1.
The deal is expected to have only a marginal effect on Deutsche Post's operating profit, and will not affect the 2008 earnings guidance, the company said.
Deutsche Post World Net is selling real estate assets as part of its “Roadmap to Value” capital markets program presented in November.
“We are very committed to the Roadmap to Value initiatives and this transaction again demonstrates our constant focus on quick execution,” said chief financial officer John Allan.
Deutsche Post has previously said that it wants to make at least