TD News International: 20/09/2017

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Berlin district court considers rent freeze unconstitutional

20/09/2017 The district court of Berlin considers the German federal rent freeze law to be unconstitutional, as it amounts to unequal treatment of lessors and unconstitutional interference with freedom of contract. For instance, lessors who have thus far charged moderate rents are disadvantaged compared to those who have already charged the maximum rents possible in the [...]

Berlin: State-owned building societies buy residential quarter for €245mn

20/09/2017 The three state-owned building societies Gewobag, Gesobau, and Howoge are taking over the entire new residential quarter “Mein Falkenberg” in Berlin-Lichtenberg with roughly 1,000 apartments and 300 row houses. The seller is the joint venture BWBG Berliner Wohnbau of Interhomes and CD Deutsche Eigenheim, which is also going to finish development of the quarter north [...]

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Instone soon to go public?

20/09/2017 Housing developer Instone Real Estate, formed in June by a merger of Formart and GRK, may soon be going public. The move “could possibly be made before the end of the year,” the “Börsen-Zeitung” reports, citing speculation the company did not confirm upon inquiry. The financial paper further writes that banks have already been mandated. [...]

Mähren ready to buy after selling two residential portfolios

20/09/2017 Berlin-based housing investor Mähren has sold two property portfolios with a total of 62 assets and 2,197 units in Berlin, Halle, Magdeburg, and Leipzig for about €287.5mn. The buyers are ADO Properties and Brack Capital. Mähren was represented by Luther in the transactions. The proceeds are to be invested in acquisitions. The purchase volume for [...]

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Building permits for housing drop by 6.6 %

20/09/2017 The number of building permits for apartments continues to fall behind that of last year, except in the multi-family home sector. According to the Federal Statistical Office (Destatis), 199,400 units were approved between January and July, 6.6 % or about 14,200 fewer than during the same period of last year. Permits for single family homes [...]

Rock Capital wants to sell housing development in Bad Homburg

20/09/2017 Rock Capital will not develop its residential development Lenne Quartier in Bad Homburg and has mandated CBRE to search for an investor. The project consists of a roughly 5 ha lot on Du-Pont-Straße. According to the newly passed zoning plan, a quarter with about 500 apartments, row houses, and townhouses can now be erected on [...]

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Aberdeen buys two commercial buildings in Berlin

20/09/2017 Aberdeen Asset Management has acquired two commercial buildings in Berlin. One is a structure on Wilmersdorfer Straße 121 built in 2004 with roughly 4,000 sqm retail and office space. The building is fully leased; anchor tenants are Hugendubel and Fielmann. The second investment is located on Müllerstraße 36 in Wedding and has 3,900 sqm retail [...]