A team led by Dr. Sönke Görgens, Partner at Heuking Kühn Lüer Wojtek’s Hamburg office, advised UBM Development Deutschland on the sale of two of the six planned buildings of the large-scale “immergrün” project in Berlin’s Thulestraße. The houses with some 130 apartments were sold to an institutional investor for almost EUR 50 million.
The residential buildings are being developed by UBM Development Deutschland with a family office as a joint venture partner. The Thulestraße site borders on Berlin’s Prenzlauer Berg district to the north. Construction started in May 2018 with the project scheduled for completion by early 2021.
As one of Europe’s leading hotel developers, UBM Development is focusing on the residential asset class with its “immergrün” project. UBM Development’s current residential construction projects with a total volume of some EUR 1 billion are almost exclusively concentrated on the core markets of Germany and Austria.
Counsel to UBM Development Deutschland
Heuking Kühn Lüer Wojtek:
Dr. Sönke Görgens (Real Estate, Lead)
Dr. Michael Dröge (Real Estate)
Fabian G. Gaffron (Tax), all Hamburg
Gilbert Toepffer (Construction), Chemnitz
Dr. Christina Etzel (Real Estate, Public Law), Hamburg