Art-Invest acquires Coloria residential project in Erfurt with Heuking
A Heuking team led by Dr. Peter Zimmermann legally advised a fund company of Art-Invest Real Estate on the acquisition of a residential quarter in Erfurt from project developer AOC Stadtentwickler GmbH by way of forward funding.
The Coloria residential project will feature 155 apartments with almost 12,900 square meters of space and nine commercial units covering about 1,800 square meters. In addition to the new construction, an existing eight-story building will be revitalized and supplemented by a staggered floor. Six four-story to six-story apartment buildings will be constructed on the site in addition to a medical center and a pharmacy. Art-Invest expects the first apartments to be ready for occupancy in Q2/2024.
Art-Invest is an institutional investor and project developer that is increasingly focusing on digitalizing the real estate sector. Innovative applications and technologies are used in planning and implementing modern development concepts.
Heuking had previously advised Art-Invest on a similar project in Dresden in the fall of 2019.
AOC Stadtentwickler GmbH is one of the largest owner-managed project developers on the central German real estate market. The Magdeburg-based company focuses on new construction and revitalization of innovative apartments and commercial space.
Counsel to Art-Invest Real Estate
Heuking Kühn Lüer Wojtek:
Dr. Peter Zimmermann (Lead, Real Estate),
Dr. Marc Scheunemann, LL.M. (Transaction Advice),
Sandra Janberg (Public Law), all Düsseldorf