Gagfah, Germany’s largest publicly traded property company, reported a wider third-quarter loss after its apartments fell in value.
The net loss swelled to €26.3m, or 12 cents a share, from €14.4m, or 6 cents, a year earlier, the Luxembourg-based company said in a statement today. Gagfah is controlled by New York buyout firm Fortress Investment Group LLC.
German apartment prices fell about 10% in the four years through March, when the market hit bottom, according to the Hypoport Index. They have since gained about 3.5%. Gagfah owns properties throughout the country, with the highest concentrations in Dresden and Berlin.