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Greenberg Traurig Advises Commerz Real and Wertgrund on Acquisition of Project Development "Königshöfe" in Dresden

Berlin, July 17, 2019  Greenberg Traurig advised Commerz Real and Wertgrund Immobilien (Wertgrund) on the acquisition of the project development "Königshöfe" in Dresden. The seller is the CG Group. The acquisition took place by way of a forward deal. The purchase price amounts to approximately EUR 70 million.

The residential project on Palaisplatz in the district "Innere Neustadt" will comprise around 200 apartments with a total living space of approximately 15,000 square meters, 266 underground parking spaces and a small commercial area. Completion and transfer into Commerz Real's open-ended property fund "hausInvest" are planned for 2022. Wertgrund accompanied the transaction and will assume responsibility for letting and portfolio management.

Greenberg Traurig advised Commerz Real and Wertgrund comprehensively on all legal aspects of the acquisition by way of a forward funding deal. After a residential complex recently acquired in Darmstadt, this is the second acquisition in the cooperation between Commerz Real and Wertgrund.

Background: Greenberg Traurig advised Commerz Real for the second time. Wertgrund 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.