If you are in the commercial real estate market, keep an eye on Siemens. They have production facilities and offices around the country and are planning on selling hundreds of millions in real estate in 2008.
While the prices will not be at a fire sale level they will also be attractive for investors who are looking for a stable property with a tenant in place.
Selling real estate, of which a large portion is production sites, will generate proceeds amounting to “a major three-digit- number” in millions of euros in the year ending in September, Siemens spokesman Constantin Birnstiel said via phone today, confirming details of a presentation by Chief Financial Officer Joe Kaeser at an investor conference in New York. via Bloomberg.com
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Awesome post! As a commercial agent myself, this is great news! I wasn't aware of this article- I appreciate you posting it for us! I believe it's smart for them to sell off property- most corporations are downsizing and getting lean & mean for today's market. It'll allow them to reposition themselves better when the market turns around.
Thanks!