Bloomberg News

Portugal to Sell Undeveloped Site in Berlin

April 15, 2013

Portugal’s government is selling a plot of land in Berlin’s diplomatic quarter as part of a plan to raise 30 million euros ($39 million) from real estate around the world.

The site in Berlin’s Tiergarten district amounts to 2,800 square meters (30,000 square feet), according to Cushman & Wakefield Inc., which is advising the government on the sale.

Portugal announced a plan last year to sell real estate in countries include Germany and the U.S. to lower its property- maintenance costs. The government sold an apartment in New York’s Dakota building earlier this year. It’s also looking for buyers for its consulate building in the French city of Clermont-Ferrand and part of its consulate in Rio de Janeiro, according to Miguel Guedes, a spokesman for Portugal’s Foreign Affairs Ministry.

The southern European nation was the third euro member to seek a rescue when it got 78 billion euros in 2011 following Greece and Ireland. The country is facing new barriers to meeting aid requirements and is promising further budget cuts after its Constitutional Court earlier this month blocked a proposal to suspend a payment to state workers and pensioners.

To contact the reporter on this story: Henrique Almeida in Lisbon at halmeida5@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus