alex avoigt: VW Group Considers Selling Parts...
VW Group Considers Selling Parts of its €35 Billion Real Estate Portfolio
The portfolio comprises thousands of apartments, production facilities, and a football stadium; in times of economic crisis, every asset at VW is being scrutinized.
Decades ago, the "economic miracle" enabled the automaker to expand and created a need for housing for many new employees. Today, the group owns nearly 9,500 apartments in Wolfsburg, units that are no longer rented exclusively to VW staff. Many of the buildings resemble those owned by Vonovia, Germany’s largest landlord: they are mass-market apartments simple and affordable.
According to the group executive board's confidential internal restructuring and strategy plan, the VW Immobilien GmbH portfolio is valued at around two billion euros, and Volkswagen is now considering a sale due to the poor economic climate.
It is unlikely that the entire package of the group of €35 Billion will be sold, as the net value remaining after deducting costs and loans would likely be significantly lower, and a sale would entail follow-up costs. Nevertheless, the move demonstrates that any assets not immediately essential to the core business will sooner or later have to be sold to cover the costs of restructuring, pensions, debt, and the company's transformation.
https://x.com/alex_avoigt/status/2098344705289232569
