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).
