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TLG: Die Linke makes purchase offer for apartments
Die Linke, a left-wing political party in Germany's parliament, wants to buy TLG Wohnen and its 11,500 apartments. According to the party, the Fairwohnen property trust established to this end has already submitted an offer. This should "prevent the squandering of public assets and ensure that the housing stock remains in community hands." Reportedly, 30 members of the Bundestag have already taken up the required ten shares in the cooperative at €51.13 each. In addition, a bank consortium is said to be available to provide funding for the bidding process, chairman of the Die Linke parliamentary group Gregor Gysi said. In now joining a bidding process that has been running since March, the party is thus confronting financially strong real estate companies listed on the stock exchange, as well as major foreign investors. Among others, by all accounts, Blackstone, Cerberus, Oaktree, Deutsche Wohnen, Patrizia, Corestate and Conwert have shown interest in TLG Wohnen (estimated value over €500mn) and/or TLG Immobilien GmbH. Together, their estimated total value is around €1.7bn.
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