Portugal to Sell Undeveloped Site in Berlin

Portugal’s government is selling a plot of land in Berlin’s diplomatic quarter as part of a plan to raise 30 million euros ($39 million) from real estate around the world.

The site in Berlin’s Tiergarten district amounts to 2,800 square meters (30,000 square feet), according to Cushman & Wakefield Inc., which is advising the government on the sale.

Portugal announced a plan last year to sell real estate in countries including Germany and the U.S. to lower its property-maintenance costs. The government sold an apartment in New York’s Dakota building earlier this year. It’s also looking for buyers for its consulate building in the French city of Clermont-Ferrand and part of its consulate in Rio de Janeiro, according to Miguel Guedes, a spokesman for Portugal’s Foreign Affairs Ministry.

The southern European nation was the third euro member to seek a rescue when it got 78 billion euros in 2011 following Greece and Ireland. The country is facing new barriers to meeting aid requirements and is promising further budget cuts after its Constitutional Court earlier this month blocked a proposal to suspend a payment to state workers and pensioners.

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