Euro Crisis: Germany Sells Assets to Raise Cash
The German government said on Wednesday it had agreed to sell a portfolio of about 780 commercial real estate assets in its biggest privatisation for five years.
The finance ministry said in a statement it has agreed to sell its wholly-owned real estate company TLG Immobilien to private equity firm Lone Star for 1.1 billion euros (HK$10.9 billion).
“Finance Minister Wolfgang Schaeuble had awarded the contract for the biggest real estate transaction this year and the biggest privatisation in five years to Lone Star,” the ministry said.
TLG Immobilien is the leading real estate company in eastern Germany and has a portfolio of 780 commercial properties, ranging from office blocks to shopping malls, hotels and old people’s homes, the statement said.
It has been profitable for the last 10 years and booked its best-ever operating profit in its 20-year history last year, the ministry said.
Lone Star intends to continue the business and “strategically develop its portfolio,” it added.
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