PRAGUE -(Dow Jones)- Telefonica O2 Czech Republic signed a framework agreement with Bohemia Real Estate Investments for the sale of part of its real estate portfolio in a deal worth more than 4 billion koruna ($247 million), T-O2 said.
T-O2, majority owned by Spain's Telefonica, is going to sell buildings throughout the entire country that serve both administrative and technological purposes and which are either not needed or have a low occupancy, the company said late Thursday.
The total area of the portfolio amounts to 632,000 square meters, of which a small portion will be leased back to T-O2 on a long-term basis.
"Buildings with strategic interest for the company or with high occupancy will stay in Telefonica O2 ownership," the company said.
The sale should complete in the second quarter of this year, and it ends a period of several years in which T-O2 has been seeking to sell off its non-core assets.
-By Sean Carney, Dow Jones Newswires; +420 222 191 375, sean.carney@dowjones.com
(END) Dow Jones Newswires
Posted to the site on 16th May 2008
Posted to: www.cellular-news.com/story/31217.php