German Real Estate Firm Adler Reaches Agreement With Lenders
Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
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Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
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Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
May 26, 2018
Bloomberg News
,(Bloomberg) -- Germany is seeking to counter surging rents and real estate prices with a pledge to invest more than 6 billion euros ($7 billion) to build new homes.
The program targets the construction of 1.5 million apartments and houses over the next four years, Chancellor Angela Merkel’s said in her weekly video address on Saturday. The plan involves 2 billion euros in federal funds for social housing projects as well as tax incentives to promote the development of affordable homes for mid-income earners. The government is also making money available to help families afford their own homes.
“For many, one of the burning topics of our time is finding affordable housing,” Merkel said in the video. “The federal government is reacting to this with a housing offensive that we will implement step by step.”
The surging cost of housing has threatened to tear at Germany’s social fabric. In Berlin, rents have climbed by an average of almost 60 percent since 2009, according to data compiled by Bulwiengesa AG, as construction failed to keep pace with the thousands of people moving to the capital every year. In April, about 13,000 people marched from Potsdamer Platz to Kreuzberg in protest against rising rents, according to the DPA news agency.
New housing supply is “desperately needed,” said Merkel. “This is truly a balanced offensive.”
Housing Highlights
To contact the reporter on this story: Chris Reiter in Berlin at creiter2@bloomberg.net
To contact the editors responsible for this story: Chad Thomas at cthomas16@bloomberg.net, Jon Menon, V. Ramakrishnan
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