Deals
Berlin Seeks to Ease Housing Pressure With $1 Billion ADO Deal
Biggest property purchase by the city in its history
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A real-estate company owned by the Berlin government agreed to buy about 6,000 apartments for 920 million euros ($1 billion) from ADO Properties SA, as the administration responds to public outrage over surging rents.
The deal is the largest such purchase by the city in its history, according to housing Senator Katrin Lompscher. The transaction is aimed at securing affordable housing as the administration seeks to freeze rents and counter efforts to force the government to expropriate large landlords.