Evonik prepares to list real estate division, CEO says

18 February 2009 15:43  [Source: ICIS news]

TORONTO (ICIS news)--Germany’s Evonik Industries, which includes the former Degussa specialty chemicals business, is preparing its real estate division for a capital market listing, CEO Klaus Engel said on Wednesday.

Engel told business magazine Capital in an interview that the division, one of the largest apartment rental businesses in Germany, would be listed once capital markets improved, the magazine said in a press release.

He rejected suggestions that Evonik may seek broad-based increases in rents to boost the division's market value and strengthen its cash position in the short term.

Commenting on the economic outlook, Engel said he expected a turnaround not before mid-2010. However, a decline lasting several years was not likely, given strong growth prospects in China, India and Latin America, he said.

Engel said that Evonik may need to put more workers on short-time hours this year as it was reacting to the economic crisis, but he said he would work hard to avoid job cuts.

The Essen-based company has three main business divisions: chemicals, real estate and energy.

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By: Stefan Baumgarten
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