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KPN changes sale process for top real estate portfolio
Den Haag, 22-5-08
KPN announces a change of the methodology on which it is executing the sale of its top real estate portfolio. As previously announced KPN intends to sell 34 buildings at prime locations in the Netherlands. The sale is the consequence of the implementation of the All-IP program which, over time, allows KPN to vacate most of its about 1400 local offices currently in use. In all, KPN expects to realize a cash value in the period 2007 to 2011 of about € 1 bn out of real estate sales, of which approximately € 300 mn relates to the sale of real estate scheduled in 2008. Until today the intention was to sell its top real estate portfolio in one block sale. Having analyzed the bids received in May, KPN has concluded that executing individual sales will yield better results than a block sale. As of today the process has therefore been changed accordingly. The change in process will not impact the roll out of KPN’s All-IP program. KPN confirms its expectation of realizing a cash value of approximately € 300 mn in 2008 from the sale of real estate.
