DaimlerChrysler gets $376 million from property sale

FRANKFURT REUTERS-- DaimlerChrysler will get around $376 million (300 million euros) from the sale of real estate to French property group ICADE, the automaker said on Tuesday.

The deal is expected to boost the U.S.-German carmaker's operating profit by about $125 million (100 million euros), it added.

"The cash inflow and profit contribution accrue in the third quarter (two thirds) and the fourth quarter (one third)," DaimlerChrysler said in a statement.

The 13 German properties -- comprising office buildings, business premises and land reserves -- are located in Munich, Berlin, Hamburg, Frankfurt, Stuttgart, Duesseldorf, Ahrensdorf and Bad Homburg.

"These properties were assessed as being not required for operating purposes during an audit of DaimlerChrysler's stock of real estate," it said, adding the review was part of an effort to improve the group's return on net assets.

DaimlerChrysler has said for months it is reviewing its real estate holdings with a view to divesting non-essential properties.