The privatization of the gbw

The privatization of the GBW

Picture Markus Soder: Gerd Seidel (Robbond) / CC-BY-SA-3.0. Graphic: TP

A Bavarian-European real estate crime

In order to enforce market economy and privatization, interests from Brussel and from the province must come together. And in the end it does not want to have been. A real estate crimi from the woman-blue free state.

Starting point: affordable apartments throughout Bavaria

Until 2013 could "socially weaker" Already in the middle of Munchen a few hubs and favorable, Z.B. for just under 10 € per square meter cold in Schwabing-West. The social apartments were built and operated by the GBW, the non-new Bavarian residential company. There are almost 33 in their stock.000 national apartments for 85.000 tenant.

The GBW had turned on the reconstruction of bombed ethnes in the Groars Munchen and Nurnberg / Erlangen and in 20 Bavarian city and the construction of 48.000 Social Apartments, which the Munchner City Council decided in 1960 participated.

The biggest German apartment privatization

In 2012, the BayernLB subsidiary Deutsche Kreditbank (DKB) had its DKB Immobilien AG with 25.000 apartments for just under a billion euros to the Hamburger Investor Tag Immobilien AG sold. And on 08. April 2013 sold BayernLB’s Council Nutz, which from 2008 after failing speculation before the bankruptcy, sold its GBW to private investors. The Free State of Bavaria under Minister Prosident Seehofer and Finance Minister Sodder had carried out the largest real estate agent in Germany in a single prank.

An Augsburg real estate company "Patrizia Alternative Investments" Guided investor consortium got the surcharge and bought the majority of equity at GBW AG for 2.453 billion euros. "The decision for PATRIZIA was carried out as part of a transparent and non-discriminatory sales process coordinated with the EU Commission with a supplement to the economically attractive offer."

"Non-discrimination" means: the highest bid receipt is awarded, and the tender must be made throughout Europe.

And who pays the most, wants to get the most out: "The Patrizia poses the legal framework mercilessly." With their "Rocket financing … it goes low, but then the rent pushes into the high!" 1

Consequences for the tenants

Affected by the gambling with the GBW are the tenants in the 8080 GBW apartments in the city of Munchen, in 2593 apartments in Munchen-Umland, 2984 in Nurnberg, 2242 in Erlangen, 1437 in Regensburg, 1299 in Landshut as well as in apartments in 14 others Bavarian city. The real estate company Patrizia quickly started to put new buildings in the facilities between the houses and in the middle of the yard. It modernizes the old stock and thus increases the rents far above the Mietspiegel. Tenant "required to perform investments in modernization and renovations of our residential complexes". – "Homes: The low-earning tenants in the social housing pay the modernization of apartments of other tenants who can then no longer afford their new rent."2

The tenant therefore amounted to plus funf percent in the first three years, afterwards plus three percent plus inflation equalization – and although investors got taxpayers at that time so they build social housing. Indeed: "Tenant has a self-relative and necessary part of our economic", explains the Patrizia / GBW 2017. After sale "Are GBW tenants even preferred", Had the Markus Soder appointed to Minister Prosident promised or folded in April 2013, because "The Patrizia is a serious Bavarian company".

Meanwhile, the GBW has discovered her social conscience: "Since the GBW Group is aware of its social order, we secure our tenants a voluntary capping of the tenant sovereigns at 99 euros. Of these, families benefited in coarse apartments." "Profit" So have former social tenants, of which the Patrizia / GBW 99 * 12 = 1188 euros to tenant therefore charged for a year.

To protect at least some tenants, the city of Munchen has loud if Dieter Reiter (SPD) until 2016 "For a middle three-digit million amount" GBW apartments backed up – money that is missing for housing construction.

But the rentals will be more expensive in Munchen for low earners. The Social Committee of the city had on 11. May 2017 The fixed price limits for the good 27.000 apartments with leaked social binding abolished. Reason: "the restructuring" and "The prices of the city-wide make fairer".

"The tenants must now take the missed housing policy and the speculative capriols demanded by the Bavarian CSU government. And the consequences of the debt crisis with low interest rates still" (ISW), which make the investors very wild. "The rendering of Bavarian tenant is not sitting in the EU Commission", so the SZ, but in the CSU State Chancellery."

Why did the Free State sold its non-new housing society to speculators?

"The exclusive for sale in 2013 was the imbalance of the Handy State Landesbank. The EU explained to the edition, the bank must shrink after her fast-bankruptcy to almost half the half. Among other things, she had to sell all the business areas that did not belong to the core tasks of a bank – including the GBW apartments. Even then, a dispute arose, whether the Free State itself had to access."3"The Free State had to bid for the GBW apartments", Was the title of a SZ article of 18. July 2018 – Why did not he do it and did not buy the GBW from BayernLB?

"Because we were not allowed", The CSU says then like today. "The sale of the GBW shares by the BayernLB was inevitable. The EU has forced BayernLB factually to sell the shares", claimed the chairman of the on 26. April 2018 used GBW Investigation Committee and Deputy. CSU Group Chairman, Alexander Konig. "The EU has banned BayernLB in fact to transfer or sell the GBW to the Free State", so the CSU state members Ernst Weidenbusch.

"The LBBW had not sold its housing company in Stuttgart in a bidding process with good results, and thus Mr. Lienemeyer said from the EU Commission: If that goes in Stuttgart, then that must be feasible with you in Munchen", Declared the SPD representatives in the Committee of Inquiry Volkmar Halbeil.

Price query: the EU really banned the Free State of Bavaria, which "Community to Bayerische Housing" to buy themselves, and arranged to auction them on real estate speculators?

no. The reigning EU competition commissarin Margrethe Vestager insured against the GBW Investigation Committee in writing that "The sale of the housing company GBW at the request of BayernLB took place and the Free State of Bavaria the housing company GBW from the possession of the Bavarian Landesbank had to buy".

but "Sodder did not want to keep the apartments under no circumstances at public, as he praises today", said SPD faction leader Markus Rinderpacher in the household debate in the Bavarian state parliament on the 7. June 2018. "Soder had no interest to buy the GBW and entrenches behind the alleged prohibition of the EU", The SPD explained in the current GBW examination committee and thus gives the black Peter Back to the CSU state government (and the CSU coalition partner FDP enthused itself anyway for privatizations).

The role of the EU

The EU did not agree with this real estate agent for the affected tenants, but at high. She is about the "European idea": "From Brusseler view", so the SZ, "It was about the European internal market to the core of the European idea: the individual EU states are not preferable to their own companies – all competitors should have exactly the same opportunities in the united Europe." The wisdom of the market must determine all prices.

Standard to enforce this privatization ideology was Joaquin Almunia: 2004 to 2010 EU Economic and Recommission Commission, 2010 to 2014 EU Competition Commissioner and Vice Presentation of the EU Commission. Almunia is socialist, was 2000 top candidate of the PSOE at the Spanish parliamentary elections.

But Seehofer Soder had their scope. Almunia told them about 15. April 2013 in Brussel: Only if the public hand is successful for the GBW, the EU Commission looks at the price. Because you kill the "Suspicion" have that "A public bidder non-market prices pay". To a "Sale of GBW Shares … If the Commission merely pointed out that the sale could not lead to new aid that it is not "Overhowed offer by public hand give thirst", wrote Almunia to Minister Prosident Horst Seehofer, Input Stamp 13. December 2013.

"The Free State had to bid for the GBW apartments", so the SZ. But he did not want to do in his market radicality.

The insignificant greed of grasshoppers after return

"The Augsburger Housing Group at that time had the spring carrying in the purchase of the Community Bavarian Housing Company (GBW) for a consortium of 27 investors, which the GBW acquired from Bayern LB. The identity of these investors is unknown to this day as they hold the GBW of investment companies in Luxembourg", reported the dayview.

The Augsburger Patrizia acts as a capital collection point, they only paid 2.36 percent of the amount itself, the rest of the sum came from a consortium of 27 investors. These are amongwhile in the European tax paradise of Luxembourg and in the Netherlands. At the center is a closed real estate fund, which guarantees investors anonymity. It should be around "Insurance, three Suddong savings banks, pension funds as well as professional utilities of pharmacists, doctors and laws" Act. And they want to knock out highest returns at the real estate deal."

This construct for "Aggressive tax optimization" mimic, "Profits that can be generated in Germany, in practically untaxed to bring to Luxembourg. Only when it is paid out of Luxembourg, then it will be taxed at the level of investors." Unrestricted basic employment tax (3.5 percent of 2.453 billion euros were 86 million euros) plus corporation tax plus commercial contract tax was able to escape the Free State, says Johannes Voget, BWL Professor and Tax Expert at the University of Mannheim, a three-digit million sum escaped.

Money wash and political influence?

There were how the SZ writes "Several money-washing show indications, … that business partners of Patrizia AG were able to wash illegal money from Russia as part of real estate companies."

Political influences took place to harm the Bavarian real estate agent? "The prosecutor Munchen …after a short time and without significant investigation activities, the method set. The opposition in the Bavarian state parliament suspects political influence on the preliminary investigation… The Bavarian Ministry of Finance, on the other hand, denies a connection between the investment investigations set and the sale of the GBW [and claims:] Neither the Ministry of Finance nor the Bavarian Ministry of Justice had known by the investigation."

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