LEG owns 93,000 rental apartments in North Rhine-Westphalia.
Brack Capital Real Estate Ltd., owned by Shimon Weintraub, is one of three finalists in the tender to buy the property portfolio of Germany's Landesentwicklungsgesellschaft NRW GmbH (LEG), owned by the State of North Rhine-Westphalia. If Brack Capital wins the tender, it will have to pay €3.4 billion for the portfolio of 93,000 rental apartments in the state.
North Rhine-Westphalia is Germany's wealthiest state, with 18 million residents, and accounts for 22% of Germany's total GDP. It includes the Ruhr and West Germany's former capital, Bonn. The state government has decided to privatize assets, including LEG, the state government's public housing arm.
Tuesday, February 12, 2008
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