Berlin, January 23, 2019 – Greenberg Traurig advised Gewobag, a Berlin-based housing company, on the acquisition of a majority stake in the real estate fund Pallasseum Wohnbauten KG (Pallasseum). The building complex comprises a total of 514 residential units, 16 commercial units as well as 288 parking spaces and is located in the Tempelhof-Schoeneberg district of Berlin. The acquisition represents Gewobag’s first majority stakeholding in a closed-end mutual fund similar in size. The parties have agreed to keep the purchase price confidential.
The Pallasseum, formerly known under the name “Sozialpalast”, was built between 1973 and 1976. The complex is a protected monument since 2017. With the acquisition, Gewobag expands its portfolio in Tempelhof-Schoeneberg to around 6,600 apartments. By 2026, Gewobag intends to expand its portfolio in Berlin to a total of approximately 73,000 apartments.
Greenberg Traurig advised Gewobag comprehensively on all legal aspects of the transaction.
Background: Greenberg Traurig regularly advises Gewobag on transactions since 2012.
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