Gewobag Explained

Gewobag Wohnungsbau-Aktiengesellschaft Berlin
Location City:Berlin, Germany
Key People:Snezana Michaelis, Markus Terboven (Vorstand)
Michael Sachs
(Aufsichtsratsvorsitzender)
Industry:real estate

Gewobag is a German property company owned by the State of Berlin[1] which plans to own 80,000 apartments by 2030 in order to improve housing affordability.[2]

Gewobag's name comes from a shortening of its former legal name, German: Gemeinnützige Wohnungsbau-AG Groß Berlin, roughly "Public Housing Construction Corporation of Greater Berlin".

In September 2019 Gewobag bought 6000 apartments, mostly in Spandau and Reinickendorf.[1] The purchase from ADO Properties cost 920 million euros[2] and is considered the largest such purchase of apartments ever for Berlin.[1]

See also

References

  1. News: Berlin Seeks to Ease Housing Pressure With $1 Billion ADO Deal. David Verbeek . Bloomberg.
  2. News: Germany's Gewobag buys flats from ADO Properties for $1 billion. Christoph Steitz. Rosalba O'Brien. Reuters. 2019-09-27.