Telefonica uninvests in real estate for a value of a billion Euro (ES)

Telefonica expects to reach an income of €1.021 million with its plan of optimization and sale of real estate resources initiated in 2002. It affects 485 buildings and will conclude in 2006.

The group has already concluded the first phase of the plan, with the sale of 175 real estate for €428 million, though it also has negotiated offers for other 52 buildings for €196 million. The remaining 258 properties affected are valued at €479 million and are in different processes of sale, though Telefonica expects that the univestment process will be concluded this year.

Source: Spanish Real Estate

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