BERLIN – June 4, 2024 –Greenberg Traurig advised a fund managed by Wertgrund Immobilien AG on the acquisition of a project development with 44 residential units near Düsseldorf's city center. The property was acquired in a forward deal with international project developer Ten Brinke. The parties have agreed not to disclose the purchase price.
Construction of the 44 residential units is scheduled to start in Q2 of 2024; completion is planned for Q2 of 2026. The project, located in the Unterbilk district of the North Rhine-Westphalian state capital, will have a total rental area of 3,750 square meters and a proposed 25 parking spaces. The project is to be built to the KfW 40 QNG standard in accordance with the federal subsidy for efficient buildings, meaning that the requirements of the “Quality Seal for Sustainable Buildings” (QNG) will be met; confirmation by the sustainability certificate is being sought.
Greenberg Traurig advised on legal and tax matters for the transaction.
Background:
Greenberg Traurig has advised Wertgrund and its managed funds on transactions in the German real estate market for many years.