Gagfah aims to sell flats in Dresden by year-end

FRANKFURT Thu Aug 16, 2012 5:53am EDT

FRANKFURT Aug 16 (Reuters) - Gagfah, a German real estate company, plans to sell 38,000 flats in Dresden by the end of the year, Chief Executive Stephen Charlton said on Thursday.

The company has no plans right now for how to spend the money, said the chief of the group, whose biggest shareholder is U.S. investor Fortress.

Reuters reported on Wednesday that Gagfah was preparing the sale of the apartments, which represent a quarter of its total portfolio.