The Czech millionaire Zdeněk Bakala was forced to offload his 2010 German investment. His company BXR bought a 59-percent stake in the Danish company Tower Group for €23m two years ago, according to the economic news server e15. The market value was €39m, and Tower Group owned 9,900 flats in Berlin. The asset value was CZK 15bn, but the value of debt was CZK 13bn. BXR wanted to restructure Tower Group for further residential acquisitions which should have totaled 50,000 flats. But the restructuring process failed and Tower Group went bankrupt this May, with its shares currently trading at 0.07 Danish crowns a piece. BXR sold 3,000 flats it acquired in Berlin to Ffire for an undisclosed price.
