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> Cerberus Capital Management, backed by Goldman Sachs, bought Berlin’s public housing association, paying $448 million for 66,700 housing units—about $6,700 pe
by Phil_Latio 7y ago
> Cerberus Capital Management, backed by Goldman Sachs, bought Berlin’s public housing association, paying $448 million for 66,700 housing units—about $6,700 per unit.
Actually it was 2 billion because the deal included debt of 1.5 billion.
A decade later Berlin bought back 6,000 units for 1 billion...
All of that under leftist government.
Berlin is a joke!
- scarejunba 7y agoHaha, I love watching classic third world corruption in the West.
- megablast 7y agoIf they don't have the debt anymore, then that was good for Berlin.
- hcknwscommenter 7y agoI agree with megablast here. It seems like Cerberus did a terrible job, lost money, and the municipality got a great deal. What am I missing?
- chaorace 7y ago6,000 =/= 60,000
- hcknwscommenter 7y agoUgg. Thanks.
- pschaeffer 7y agoWhat you are missing is math. Cerberus paid a total of $30,000 per unit. Berlin paid $167,000 per unit.