Primus Valor acquires real estate portfolios in Koblenz and Würzburg with HEUKING

A team led by Dr. Sönke Görgens, Partner at HEUKING’s Hamburg office, legally advised Primus Valor group on the acquisition of 68 residential units and 64 garage parking spaces in a residential complex in Koblenz, as well as 78 residential and two commercial units in Würzburg.

The Koblenz residential property was sold by Domicil Real Estate AG. Built in 1980, the building is currently fully leased. The units were managed and sold under an asset and portfolio management mandate.

The Würzburg portfolio covers a total area of some 6,500 square meters. The overall investment, including the purchase and planned renovation measures, amounts to around EUR 13 million. Comprehensive upgrades are planned to improve the property’s condition and energy efficiency, including roof refurbishment, the replacement of windows and doors, and conversion to district heating.

Primus Valor is acquiring the two portfolios on behalf of closed-end public AIF “ImmoChance Deutschland 12 Renovation Plus.” The fund focuses on German residential properties with development potential and opportunities for value enhancement.

Founded in 2007 and headquartered in Mannheim, Primus Valor group employs more than 120 people. The company specializes in acquiring affordable residential real estate in Germany’s regional and mid-sized urban markets. Currently, the group manages about 7,500 residential units in its proprietary property portfolio.

HEUKING has a longstanding advisory relationship with Primus Valor. Earlier this spring, Dr. Görgens and his team also advised the group on the acquisition of more than 300 residential units in Aschaffenburg.

Counsel to Primus Valor group
HEUKING:
Dr. Sönke Görgens (Lead), (Real Estate and Contracts),
Maik Schmidt (Real Estate), both Hamburg