Greenberg Traurig Advises Commerz Real and Wertgrund on Acquisition of Project Development „Nockherberg NOC 2.4“ in Munich

Berlin, October 31, 2019 – Greenberg Traurig advised Commerz Real und Wertgrund Immobilien (Wertgrund) on the acquisition of the residential building complex “Nockherberg NOC 2.4” in Munich. Seller is Bayerische Hausbau GmbH & Co. KG. The acquisition took place by way of a forward deal. The parties have agreed to keep the purchase price confidential.

The residential project in Munich’s district Haidhausen will comprise 114 apartments and 86 underground parking spaces as well as two smaller commercial units. The majority of the apartments will be subsidized. Construction is expected to start in the fourth quarter of 2019. Completion and takeover in Commerz Real's open-ended property fund Hausinvest are planned for mid-2022. Wertgrund initiated the transaction and will handle the letting and property management.

Greenberg Traurig comprehensively advised Commerz Real and Wertgrund on all legal aspects of the acquisition. Following residential projects in Darmstadt and Dresden, the residential buildings in Munich are the third purchase since Commerz Real and Wertgrund started their cooperation this spring.

Background: Greenberg Traurig advised Commerz Real on several residential transactions this year. Wertgrund is a long-time client of Greenberg Traurig.

 

 
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has more than 2100 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.