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Germany: 93,000 appartments sold to Goldmann Sachs Investment Fund |
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The German Tenants Association has spoken out strongly against a decision of one of Germany's largest Housing and Planning Organisations (LEG) in the Bundesland of Nordrhein-Westfalen to sell 93,000 appartments to Whitehall Real estate Funds, part of the American investment bank Goldmann Sachs.
The Organisations is based in Dusseldorf with stock is spread throughout more than 100 towns and communities. According to the Association, this purchase makes the Whitehall funds the largest real estate company in Germany with an approximated stock of 170,000 appartments in addition to large properties and commercial real estate. The lack of public consultation before the sale was criticised by the tenants representatives which say that this move is in stark contrast to the recognition in other German Bundeslander and Communes that keeping housing stock in public hands makes much more financial, political and social sense in the long term.
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