Osborne Clarke advises Domicil Real Estate Group on acquisition of 143 residential units in Berlin

Osborne Clarke has advised Domicil Real Estate Group on the acquisition of a residential complex in Berlin Treptow-Köpenick, comprising 18 buildings, 143 residential units and 75 parking spaces.

Already subdivided into units under the German Condominium Act (Wohnungseigentumsgesetz – WEG), the residential complex in Berlin’s Altglienicke district is intended for near-term individual unit sales. Prior to this, comprehensive refurbishment works were carried out: the roofs and façades were refurbished, and all windows were completely replaced. The ensemble consists of buildings with three to four storeys; on average, the apartments offer approximately 79 sq m of living space. The complex with a total area of 11,343 sq m was built in 1996.

Daniel Preis, co-CEO and CSO at Domicil, said: “The demand from private investors for residential properties for retirement provision is immense. With this joint purchase with Baywobau, we are demonstrating that we can also meet the demand for low-risk, easily let residential properties. Our sales pipeline is well filled and further purchases are already being planned.”

The acquisition took place as part of Domicil Real Estate Group’s joint venture with Baywobau Group, the new principal shareholder of Domicil Real Estate AG, with JLL acting as broker. BPS Stoessel was involved as technical partner. The seller is a family office based in southern Germany.

The Osborne Clarke team that advised Domicil Real Estate AG, led by Dr. Mareike E. Klopp with Heiko Petzold as the leading partner, comprised Maria Bibik, Tim Schultze, Jan Niklas Demmer and Sarah McHardy.