Opel is flogging its real estate

Ruesselsheim. Opel plans to sell its remaining lodging houses at the Ruesselsheim headquarters.

"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.

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