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Business

ThyssenKrupp Sells Residential Property

German heavy industry giant ThyssenKrupp said Wednesday it has sold residential property worth €2.1 billion ($2.8 billion) to a consortium comprising the real estate funds of Morgan Stanley and German group Corpus. In what ThyssenKrupp said was its biggest transaction since the merger of Thyssen and Krupp in 1999, the company said it had sold ThyssenKrupp Wohnimmobilien, one of Germany's leading industry-based residential real estate companies with 370 employees and a portfolio of 48,000 housing units in the Rhine-Ruhr region. ThyssenKrupp has long said it aimed to offload the business as part of its strategy of disposing of non-core businesses. The transaction still requires the necessary regulatory approval. Corpus is majority owned by the Sparkassen (savings banks) of Cologne, Düsseldorf and Frankfurt.

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