Greenberg Traurig has advised The Grounds Real Estate Development (The Grounds) on a joint venture with Deutsche Habitat for the development of 186 apartments in southern Berlin. The Grounds, a developer specializing in residential real estate, is acquiring 51 percent of the joint venture shares from Deutsche Habitat, which is now implementing the project together with The Grounds. The total investment volume is more than 100 million euros.
The 186 three-story terraced houses to be built on the site in Blankenfelde-Mahlow will have a gross floor area of around 32,000 square meters. Construction of the first phase is scheduled to start in the fourth quarter of 2022, with completion planned for the first quarter of 2024.
Greenberg Traurig has been advising The Grounds for some time in connection with development projects and their financing in Berlin, Brandenburg and Saxony-Anhalt.
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