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Savings bank Haspa to sell real estate holdings to US investment firm - report


Published : Thu, 28 Jun 2007 07:28
By : Agencies
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FRANKFURT (Thomson Financial) - German savings bank Hamburger Sparkasse (Haspa) is planning to sell a large number of real estate holdings to US investment firm Strategic Value Partners, Financial Times Deutschland reported, citing market sources.

According to the report, Strategic Value Partners will pay 400-500 mln eur for about 100 Haspa branches in addition to several other commercial real estate properties.

Morgan Stanley and Hamburg-based real estate investor Dieter Becken also placed bids, the daily said, adding that Haspa is planning to invest the sales revenues in its core business of retail banking.

judith.csaba@thomson.com

jcs/cm2

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