With a team led by Partner Dr. Sönke Görgens, Heuking Kühn Lüer Wojtek advised Primus Valor group on the acquisition of a real estate portfolio worth about EUR 45 million. The sellers of the portfolio, which consists almost exclusively of residential properties, are companies of IMMOVATION group. The acquisition is divided almost equally between the current “ImmoChance Deutschland 10 Renovation Plus” (ICD 10 R+) fund and its predecessor, “ImmoChance Deutschland 9 Renovation Plus” (ICD 9 R+).
The Primus Valor ICD 10 R+ fund acquired a sub-portfolio with properties in Lahr (Baden-Württemberg), Kassel (Hesse), Rendsburg (Schleswig-Holstein), Lippstadt (North Rhine-Westphalia), and in the Lower Saxon towns of Alfeld and Bergen, consisting of 176 residential units totaling some 14,700 square meters of living space and numerous parking spots.
With the second sub-portfolio, properties were acquired in Lünen (North Rhine-Westphalia), Schwerin (Mecklenburg-Western Pomerania), Erfurt and Meiningen (Thuringia), Burgkirchen (Bavaria), and again Kassel, which are allocated to the ICD 9 R+ real estate portfolio. In addition to more than 100 parking spots, 272 residential units with a total living space of some 16,400 square meters were acquired.
Founded in 2007, Primus Valor group is a Mannheim-based issuing house specializing in the acquisition, development, and sale of real estate. It currently employs over 60 people.
Counsel to Primus Valor group
Heuking Kühn Lüer Wojtek:
Dr. Sönke Görgens (Lead, Real Estate and Contracts)
Dr. Sarah Slavik-Schulz (Tax)
Viktoria W. Kämper (Real Estate and Contracts), all Hamburg