The future of the leisure real estate project "Port Olpenitz" in Kappeln at Schleswig-Holstein's Baltic Sea coast has been secured. Dr. Armin Freiherr von Grießenbeck, Partner at the Munich office of commercial law firm Heuking Kühn Lüer Wojtek, advised insolvency manager Dr. Rainer Eckert on the sale of all remaining construction stages of the project to an investor. Items of advice were in particular the control of the bidding procedure as well as the drafting of the contracts and the conclusion of a contract with Helma Ferienimmobilien GmbH.
Already in the first construction stage, Helma Ferienimmobilien GmbH had acquired a set of properties and is currently building 24 residential units there. With construction stages two to nine, the company is now acquiring all of the project's remaining construction stages. The acquisition price was not disclosed.
The real estate project Port Olpenitz located in Kappeln at Schleswig-Holstein's Baltic Sea coast, has been under construction since early 2010. The project will convert the former naval base Olpenitz at the mouth of the Schlei into a holiday resort on an area of about 150 hectares. After the two both shareholder and main investors had a falling out in the fall of 2011, the operating company Port Olpenitz GmbH ran into liquidity problems and had filed for insolvency in October.
Counsel to Dr. Rainer Eckert, Insolvency Administrator:
Dr. Armin Freiherr von Grießenbeck (Real Estate, Munich)
In-house Eckert Rechtsanwälte: Markus Kohlstedt, Florian Harig, Lawyers
In-house Helma Ferienimmobilien GmbH: Thomas Müller, Lawyer