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Article: Germany : Goldman Sachs buys 93,000 German apartments for $1.2 billion to give out on rent.
- Article from:
- TendersInfo
- Article date:
- July 14, 2008
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Byline: sander03
Goldman Sachs Group Inc. is buying 93,000 apartments from the German state of North Rhine-Westphalia for 787 million ($1.2 billion) in cash to take advantage of rising rents.
The takeover of state-owned Landesentwicklungsgesellschaft's (LEG) apartments, valued at about 3.4 billion including debt, will be carried out by Goldman's Whitehall real-estate funds, state finance minister Helmut Linssen said on Wednesday at a briefing in Dusseldorf.
The deal, which follows months of bidding, marks the largest property transaction in Germany since the beginning of the financial market turbulence, according to media reports.
The ...