Berlin: LUWIN buys 253 new build apartments from Investa and Baywobau
Frankfurt am Main, 1 August 2019
A joint venture between Investa Real Estate and Baywobau has sold a new development project of 253 rental apartments in Berlin to the LUWIN Real Estate Managers investment platform. LUWIN has acquired the premium residential complex for a German pension fund. The sale contract, structuring the transaction as a forward deal, was signed in June. Construction of the project has already begun and the residential buildings will be handed over to LUWIN, on a turnkey basis, by mid-2022. The parties have agreed to keep the sale price confidential.
The residential complex in Schmargendorf, part of the south-western administrative district of Charlottenburg-Wilmersdorf, will provide a total lettable area of 18,200 square metres and 150 parking spaces. The development project acquired by LUWIN is the centrepiece of the new Maximilians- Quartier, where a total of around 1,000 condominium and rental apartments, rent-controlled housing and a day nursery will be developed.
The purchaser was advised by Hogan Lovells and TA Europe, the vendor by BNP Paribas Real Estate and Pöllath + Partners.