The Germans state of Hesse has halted attempts to arrange a sale and leaseback of the Leo III portfolio because the ongoing turbulence in the financial markets has left potential buyers unwilling or unable to meet the asking price of around EUR 400 mln. The state's finance minister, Karlheinz Weimar, decided to postpone the sale of 34 public buildings until 2008 to await calmer market conditions. 'Due to the crisis in the international financial markets conditions in Germany have also worsened for the financing of large real estate transactions in recent weeks', the minister said in a statement.
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