Goldman Sachs is putting two German property portfolios valued at about EUR 3 bn on the market, newspaper the Financial Times has reported, without citing sources. Noting the assets were acquired during the past 18 months, the newspaper said the sale plans are the latest sign foreign investors are exiting the German market.
Goldman Sachs is putting two German property portfolios valued at about EUR 3 bn on the market, newspaper the Financial Times has reported, without citing sources. Noting the assets were acquired during the past 18 months, the newspaper said the sale plans are the latest sign foreign investors are exiting the German market.
The US investment bank is selling EUR 1.1 bn of offices, part of a EUR 2.6 bn commercial portfolio it bought two months ago from Allianz's Degi unit, the newspaper said. The lender is also offering a 51% stake in EUR 4.5 bn worth of Karstadt department stores, part of a joint venture launched last year. KarstadtQuelle has also recently put its 49% stake up for sale.
In late June, US private equity group Cerberus put its 22,000 Baubecon apartments on the market, after the return on the investment fell short of expectations. Cerberus is seen as the first foreign investor to exit the German real estate market.
