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Deutsche Bank Set to Buy GMACCM

HORSHAM, PA-The long-awaited sale seems close to fruition. A GMAC spokesperson acknowledges that negotiations are ongoing, though neither he nor his Deutsche counterpart will comment on published reports of a $1 billion price tag.

By Marita Thomas | Updated on October 27, 2003

HORSHAM, PA-Eight months after General Motors announced that it would put its locally based GMAC Commercial Mortgage unit up for sale, Deutsche Bank AG is about to pick it up for approximately $1 billion, according to published reports. In a statement to the press, Jim Farmer, GMAC spokesman, acknowledges “We are in negotiations for the sale. … It is an ongoing process and we cannot comment on the specifics at this time.”

His colleague, spokeswoman Colleen Plummer, refers only to Farmer’s statement and says, “We’re not commenting on any reports until it’s finalized.” According to one published report, David Creamer, GMAC chairman, sent a letter to employees last week, confirming progress on the company’s plan to sell the commercial mortgage unit. In response to a question about that, Plummer said, “we’re not going to discuss internal communications.”

That’s just a little bit more than Ted Meyer, a spokesman in Deutsche’s New York office, would say. “Unfortunately, I can tell you nothing; I can’t comment at this point,” he tells GlobeSt.com.

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