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Greenberg Traurig Advises Commerz Real and Wertgrund on the Acquisition of a Project Development in Darmstadt

Berlin – 10 July, 2019 - Greenberg Traurig advised Commerz Real and Wertgrund Immobilien on the purchase of a residential complex to be built in Darmstadt. The seller is MAG Projektentwicklungs GmbH, a subsidiary of Mainzer Aufbaugesellschaft mbH. The parties have agreed not to disclose the purchase price.

The residential complex will be comprised of eight apartment buildings with a total of 194 two- to four-room apartments on approximately 15,600 square meters of living space, as well as 213 underground parking spaces. Of these, 49 apartments are to be publicly subsidized. Completion and transfer to Commerz Real's open-ended property fund "Hausinvest" are planned for 2021. The residential complex in Darmstadt is the first property to be acquired by Commerz Real with Wertgrund Immobilien as part of their recently launched cooperation.

Greenberg Traurig advised Commerz Real and Wertgrund Immobilien on all legal aspects of the acquisition through a forward funding deal.

Greenberg Traurig advised Commerz Real for the first time. Wertgrund Immobilien has been a client of the firm for many years.

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: Twitter: @GT_Law.