Treasury & Capital Markets /
Europe
Plotting pros, cons of Berlin’s property expropriation saga
Fascinating capital markets possibilities, massive downside risk
Keith Mullin
17 Aug 2026
What an enthralling spectacle. Berlin has been transfixed for years by the prospect of large real estate companies having their properties expropriated through compulsory purchases by Berlin’s state government and transferred to a public housing finance agency with compensation, financed in the bond market, paid out at a fraction of market value.