US private equity group Cerberus is planning to sell off its residential portfolio in Germany, newspaper Financial Times Deutschland reported, citing a person familiar with the situation. The portfolio, bought for EUR 1 bn in 2005, revolves around some 20,000 flats formerly owned by trade unions. Cerberus, which would be the first investor to exit the German market, is allegedly disappointed with the investment as it has not yet seen the margins it had hoped for. It may even need to inject fresh capital into the investment, the paper said.
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