Morgan Stanley Dean Witter and Corpus are to take a stake in the asset management (AM) branch of Deutsche Telekom real estate division DeTe Immobilien.
The property branch was divided last summer into a facilities management (FM) branch and an AM branch. DT has a €17bn (DM34bn) portfolio. The AM branch will concentrate on the sale of real estate to third parties. The FM division will concentrate on conveyancing and valuation services.
Telecom Italia has made a similar move, selling off 60% of its portfolio for €2.9bn (DM5.6bn). The remainder will be managed by a joint venture of Telecom Italia, Beni Stabili and Lehman Brothers.
Handelsblatt, 05 January 2001 p20
