Bloomberg News

Whitehall Funds Said to Be Among Bidders for Barclays’ Baubecon

May 11, 2012

Goldman Sachs Group Inc. (GS:US)’s Whitehall real-estate funds and GSW Immobilien AG (GIB) made an offer for Barclays Plc’s Baubecon GmbH residential landlord unit, two people with knowledge of the matter said.

Deutsche Wohnen AG (DWNI) is also among the companies that have bid for Baubecon, according to the people, who declined to be identified because the auction is private. Baubecon, owner of 21,000 homes in German cities including Berlin and Magdeburg, is valued at 1 billion pounds ($1.6 billion), according to Barclays’ 2011 annual report.

Barclays took over Baubecon when borrowers Prelios SpA and Deutsche Bank AG’s RREEF Real Estate refused to provide the company with more money. Prelios and RREEF bought Baubecon for 1.67 billion euros ($2.2 billion) in 2007. Barclays provided a 1.3 billion-euro loan for the acquisition.

Roland Leithaeuser, a spokesman for Goldman, GSW spokesman Nikolaus von Raggamby and Deutsche Wohnen spokeswoman Manuela Damianakis declined to comment. Marc Hazelton, a spokesman for London-based Barclays, also declined to comment.

Financial Times Deutschland reported the bids on May 9.

Whitehall is a Goldman Sachs-managed fund that invests in real estate for Goldman and its clients. GSW is based Berlin and Deutsche Wohnen is based in Frankfurt.

To contact the reporter on this story: Dalia Fahmy in Berlin at dfahmy1@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman ablackman@bloomberg.net


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