North Rhine-Westphalia to sell 100,000 homes

MUNICH - Germany's most populous state, North Rhine-Westphalia, plans to sell off around 100,000 residences in an attempt to reduce debt, the state's finance minister Helmut Linssen announced on Tuesday. The state intends to privatise its Landesentwicklungsgesellschaft (LEG) real estate firm, which owns around 100,000 residences, by selling to an investor or consortium by early 2008 at the latest, Linssen said. The state hopes to raise 'significantly more' than EUR 2.5 bn with the sale, in order to pay off LEG's debts of EUR 2.5 bn.

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