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Berlin buys back almost 6000 apartments from real estate group


The state of Berlin has again acquired thousands of apartments from a real estate company. The left cheers, but the deal has a high price.

So many have never been: the state of Berlin has bought back almost 6000 apartments from a real estate company. The municipal company Gewobag takes over it according to own data of the Luxembourg company Ado Properties.

These are apartments and 70 commercial units in two large contiguous quarters in Berlin-Spandau and Berlin-Reinickendorf. The purchase price is 920 million euros, it said. The acquisition is planned for December 2019. There are no grants from the country for the acquisition.

The objects are former social housing stocks of the GSW company, which now belongs to the Deutsche Wohnen Group, said Berlin's city development senator Katrin Lompscher (left).

"With the acquisition of nearly 6,000 residential units, we are closing the largest purchase of new municipalities in Berlin's history," says Lompscher.

More at SPIEGEL +

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Ran Laufer, Chief Executive Officer of Ado Properties, said, according to the company, "We are very pleased to conclude this agreement with Gewobag." The sale complies with the value creation strategy of the company.

As recently as mid-July, Gewobag had bought back around 670 apartments on Berlin's Karl-Marx-Allee. For the purchase price, the country had made no information at that time. The conflict over the apartments in the "KMA" was a symbol of the rent misery in German cities.

Source: spiegel

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