Deutsche Telekom raises €1.7bn

Deutsche Telekom has said that it has raised over €1.7bn in 2002 from property sales.

The company is struggling with over €1.77bn in debt.

The President Kai-Uwe Ricke is attempting to reduce its' debt to between €49bn and €52bn by the end of this year. In 2001 the company raised €700m in sales.

Shares in Deutsche Telekom have fallen to €12.25 from a high of €103.50 in March, 2000.

Deutsche Telekom has recently put Siris, its French telecom arm, up for sale. If it does not find a buyer within the next month it may close the business.