U.S. Investor Said to Be Cashing Out of Berlin Housing Market
Lincoln Equities Group LLC plans to sell its 5,200 apartments in Berlin this year as the private- equity firm seeks to take advantage of rising prices, two people with knowledge of the plan said.
The homes are valued at about 500 million euros ($664 million), according to the people, who asked not to be identified because the information is private. Joel Bergstein, president of the Rutherford, New Jersey-based company, couldn’t immediately be reached for comment.
Lincoln and other foreign investment firms began buying German real estate in 2005. In the past five years, asking prices for Berlin apartments rose 38 percent, according to data compiled by Berlin-based online brokerage ImmobilienScout 24. Goldman Sachs Group Inc. (GS) and other investors agreed to sell 17 German department stores valued at about 1.1 billion euros in December.
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