"The maintenance costs have exceeded the rent earnings. We are getting rid of a great burden," a spokesman said.
The running costs for the 280 one- to four-room flats are 500,000 euros per year. Opel did not disclose the selling price for the 65,000-square-meter site.
This extra income will come at the right time: General Motors reported that during the first quarter, GM Europe's losses rose to $116 million from $65 million during the same period in 2003.