Berlin – The upcoming purchase of thousands of apartments from Vonovia and Deutsche Wohnen will cost the State of Berlin dearly. As it became known from parliamentary circles on Wednesday, the state-owned housing associations Howoge and Degewo as well as the also state-owned Berlinovo are to pay around 2.4 billion euros for the acquisition of 14,754 apartments from the two listed companies. In addition, there will be a second installment of around 50 million euros for a further 205 apartments.
Together, these are significantly more expenses than the State of Berlin received in 2004 for the sale of the state-owned GSW with around 65,000 apartments and commercial units. At that time, Berlin received just 405 million euros from a consortium of buyers who also took over GSW’s debts of around 1.56 billion euros, giving the business a financial volume of almost two billion euros. Today, GSW is part of Deutsche Wohnen.
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