STOLBERG SELLS TO US
[BIZ: Stolberg, January 18] The Fortress Investment Group bought GAGFAH, Germany’s fourth largest residential housing company, from the Bundesversicherungsanstalt fuer Angestellte. The transaction, valued at approximately EUR 3.5bn (USD 4.3bn), includes the assumption of EUR 1.4bn of existing finances, a EUR 1.4bn acquisition loan, and EUR 700m of private equity capital.
Thirty houses in Stolberg have been sold by the State Development Bank (LEG) to GAGFAH in Essen, which is a subsidiary of the US Fortress Investment Group in New York. The variously sized houses are in Münsterbusch on the Elsterweg and the Prämienstraße. Those renting the properties will notice little apart from the change in the account number to which their rent must be paid.
(Source: Aachener Zeitung)
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