KarstadtQuelle sells real estate for €4.5bn to cut debt
27 Mar '06
2 min read
As group financial liabilities will be completely eliminated, the company achieves new flexibility for development and growth, based on a substantially less capital-intensive business model. In addition to this, the group achieves a significantly higher equity ratio. It will also achieve a high extraordinary income in its financial year 2006 and will benefit from a sustainable and significant improvement of its group earnings.
The transaction is subject to approval of KarstadtQuelle AG's supervisory board.
KarstadtQuelle AG is Europe's leading department store and mail order group. It sells the small branches (Karstadt Kompakt) and the SinnLeffers, Wehmeyer, Runners Point, GolfHouse and Wehmeyer specialty store chains.
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