Germany Brings In $1.4B For Commercial Real Estate Firm TLG

Law360, New York (December 12, 2012, 1:38 PM EST) -- Germany will sell state-owned commercial real estate firm TLG Immobilien GmbH to Texas private equity firm Lone Star Funds for €1.1 billion ($1.4 billion), its finance ministry said Wednesday, privatizing one of the last assets once controlled by the fallen East German government.

The deal is the biggest privatization transaction for Germany in a half-decade. Lone Star, which targets distressed assets around the world, will pick up 780 commercial properties including office buildings, shopping malls, business parks, hotels and retirement homes.

Under the weight of widespread...
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