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Evonik Selling Stake in Its Real Estate Division

German chemicals maker Evonik said it is considering selling a stake in its real estate division, Reuters reported. The company is partially owned by private equity firm CVC, which stated recently that the real estate division could be included in Evonik’s planned initial public offering, Reuters said.

(Reuters) – German unlisted chemicals maker Evonik [EVON.UL] said on Wednesday it was looking into selling a stake in its real estate division in the medium term.

The co-owner of the company, CVC [CVC.UL], recently said that the group’s real estate division could be included in Evonik’s planned initial public offering and that a divestment before the IPO was no longer a necessity.

Evonik also said on Wednesday it could go public over the next 15 months.

Its earnings before interest and tax would probably be flat this year after jumping 84 percent to 1.6 billion euros ($2.24 billion) in 2010, it added.

(Reporting by Matthias Inverardi; Writing by Ludwig Burger)