Project developer and operator i Live Group, in partnership with Mainzer Aufbaugesellschaft (MAG), sold a micro-apartment complex to be newly built in Darmstadt to Commerz Real Kapitalverwaltungsgesellschaft. A team led by Dr. Frank Baßler advised i Live Group on the transaction.
In an asset deal in the form of forward funding, Commerz Real initially acquires the property with an obligation to build. A joint venture between i Live and MAG will then construct the turnkey property. Upon completion, i Live will take over leasing and property management.
By the fall of 2021, 368 apartments for students, young professionals, and commuters including 93 underground parking spaces and racks for 360 bicycles are to be built in Haardtring 15 in the Darmstadt West district on some 9,000 square meters of usable space. A gym, an event kitchen, a laundry room, a sports field, and a large roof terrace are also planned.
i Live Group is one of the leading providers of lifestyle and micro-apartments in Germany, which intends to offer people contemporary living space in optimal locations with a sound price-performance ratio. The company sells its apartments to investors as an overall project or to individual investors at apartment level.
Counsel to i Live Group
Heuking Kühn Lüer Wojtek:
Dr. Frank Baßler (Lead, Real Estate),
Andreas Lutz (Real Estate),
Dr. Wolfram Sandner (Public Law), all Stuttgart