Degussa Sells and Leases Back Offices in Frankfurt

Degussa Web Site - October 17, 2005

Degussa AG, Dusseldorf, Germany, has sold its administrative site in Weissfrauenstrasse, Frankfurt, Germany, to Deutsche Immobilien Chancen AG (DIC) and Morgan Stanley Real Estate Funds. The agreements were signed last Friday and title is scheduled to pass to the new owners on December 31, 2005. From the same date, Degussa will rent a large proportion of premises from the new owners under a ten-year rental contract.

Degussa and the new owners have agreed not to disclose the purchase price. Degussa will remain responsible for facility management and maintenance at the site. At present about 950 employees from a variety of business and service units work in the buildings, which are located directly on the Main river. Sphere: Related Content