German government to sell €1.76bn property company

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The German government is to start the sale of its €1.76bn property management company next month, as part of its deficit reduction plan.

Barclays has been appointed to sell TLG Immobilien GmbH, which owns residential, office, hotels and retirement homes in eastern Germany.

TLG Immobilien GmbH replaced Treuhand Gesellschaft, which oversaw the restructuring of thousands of companies following Germany’s reunification.

The government said it planned to revive plans to sell TLG in July. The company’s sale was initially planned for 2008 put on hold following the market crash.

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