Germany's residential real estate market is increasingly being seen as an attractive opportunity for international investors. In May, Terra Firma, the investment vehicle run by UK-based financier Guy Hands, agreed to purchase utility E.ON's property subsidiary, Viterra, for approximately €7 billion – the largest such private equity deal in Europe – as E.ON focuses on its core
The price was considerably higher than initial expectations of between €5.5 billion and €6 billion, but David Pascall, head of Terra Firma in Germany, insists the company paid a fair price. It won the portfolio ahead of the cover bid from a consortium consisting of Cerberus and the Goldman...
