BERLIN – May 25, 2016 – Greenberg Traurig provided advisory services to the Medical Association for Styria (Ärztekammer für Steiermark) on the sale of its interest in a real estate portfolio in Berlin to a leading German residential real estate company. The joint venture partner Kronberg International retains its investment. The sales price significantly exceeds the carrying amounts and is planned to be reinvested in new real estate projects.
The transaction comprises 32 properties with 969 rental units. The prestigious Gründerzeit buildings are mainly located in the central districts of Berlin Mitte, Prenzlauer Berg and Friedrichshain. The usable floor area amounts to approximately 70,000 square meters.
The two joint venture partners, the Medical Association of Styria and Kronberg International, will continue to work the real estate market in Berlin after the partial sale of the real estate portfolio. Together, they own a high-quality property complex comprising approximately 150 residential and commercial units.
Background:
The team of Greenberg Traurig, formerly Olswang, has been advising the Medical Association for Styria for several years.
As a corporation under public law, the Medical Association for Styria in Graz/Austria manages the pension funds of its members and was first active in Germany in 2011.
Legal advisors:
Partner: Dr. Christian Schede (Lead Attorney, Real Estate M&A), Georg von Wallis (Tax)
Counsel: Wencke Bäsler (Real Estate M&A)
Associates: Claudia Stremel (Tax), Dr. Nicolai Lagoni (Corporate/M&A), Dr. Johannes Steinfort (Real Estate/M&A)