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.

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