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Siemens sells residential real estate holdings to German real estate consortium
Interests of all tenants taken into account in comprehensive agreements
The Siemens unit responsible for the company's residential real estate holdings, Siemens-Wohnungsgesellschaft, informed its tenants in July 2008 that Siemens was considering the sale of its residential properties. "Social responsibility has been a tradition at Siemens since its founding and is firmly anchored in our values. That's why safeguarding tenants' rights was our top priority in selecting a purchaser," said Siegfried Russwurm, Siemens Chief Human Resources Officer. "The purchasing consortium's agreement to preserve the residential holdings and its contractual concept for the tenants were the decisive factors in our accepting the bid," said Russwurm.
Siemens owned a total of some 4,000 dwellings, of which about 2,300 were in Erlangen, Germany, 1,100 in Munich, Germany, and 530 in Karlsruhe and Bruchsal, Germany. Siemens has secured rights to determine occupancy of these dwellings and of an additional 650 dwellings. The company has also secured rights for the tenants. For example, protections against unwarranted eviction were negotiated for all current tenants. Limits have also been placed on rent increases and resale.
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