For example, new building costs in Berlin are estimated to be around EUR 1,200 - 1,400
per sq mtr, while a substantial % of its existing housing stock's valued at (& can be purchased at) about EUR 900 per sqm, or less.
This isn't a fire - sale (the contract lasts'til a sale is completed, or Jan - 2014), and at an overall average EUR 427
per sq mtr valuation I see no reason they can't shift the portfolio out the door at book value, or better.