Ashurst advises Hamburg Trust on acquisition of "Parkview" residential complex in Stuttgart

Ashurst advised the investment and asset manager Hamburg Trust on the purchase of the centrally located residential complex "Parkview" in Stuttgart for its special fund "domiciliumINVEST".

Seller is the Scherbaum group, an investor and project developer in the real estate sector. The parties have agreed not to disclose the purchase price; the off-market transaction was structured as an asset deal.

The residential complex is located on an approximately 3,000 sqm site between Türlenstrasse and Tunzhoferstrasse in Stuttgart. The total living space of around 10,000 sqm is divided into 210 residential units of between 27 and 96 sqm, offering balconies and built-in kitchens. 153 apartments are also let fully furnished; a concierge service is available. The complex also has a day care centre for children and 224 parking spaces in an underground car park.

"domiciliumINVEST" is one of six funds for institutional investors of Hamburg Trust. The special fund with a target volume of €600 m invests in a broadly diversified portfolio of residential properties in metropolises and medium-sized towns with dynamic population and economic development. The fund was launched by Hamburg Trust KVG in 2018.

The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Sven Nickel, associate Florian Wörner and paralegal Anja Stötzel (all Real Estate). Partner Derk Opitz advised in the field of real estate financing; associate Christoph M. Klessing on regulatory issues. Partner Jan Krekeler and senior associate Anna-Maria Krekeler were involved in terms of corporate law. Tax advice was provided by partner Dr Martin Bünning and associate Carina Park (all Frankfurt).