German group to buy real estate from Barclays
May 28, 2012
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BERLIN—German real estate group Deutsche Wohnen AG says it will acquire a portfolio of residential apartments worth nearly (EURO)1.24 billion ($1.55 billion) from Britain's Barclays Bank PLC.
Deutsche Wohnen announced the acquisition from Barclays of companies belonging to the BauBeCon Group on Monday. It said the deal involves some 23,500 apartments, largely in northern and eastern Germany.
Deutsche Wohnen says it will finance the purchase through a combination of equity and debt. It says it expects the deal to be completed "in the coming months."
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