Barclays Capital is preparing the sale of more than EUR 1 bn worth of German apartments, according to a news report in the Financial Times.
Barclays Capital is preparing the sale of more than EUR 1 bn worth of German apartments, according to a news report in the Financial Times.
The sale involves 26,000 residential properties, predominantly in Berlin, Hanover and Magdeburg. BarCap took control of the residential portfolio last month after exercising a call option on a EUR 1.36 bn loan made to BauBeCon, a German residential landlord, at the peak of the market in 2007.
The BauBeCon portfolio had a market value of EUR 1.42 bn at end-June.
According to the FT, the package has received bids of between EUR 900 mln and EUR 1.2 bn from a number of private equity buyers, including Blackstone, as well as from Deutsche Wohnen, Germany's second largest publicly quoted residential company.
