Berlin: Gewobag buys 500 apartments in Kreuzberg

06/06/2019

Gewobag reports that it is about to acquire 517 apartments and 19 commercial units in Berlin’s Kreuzberg district. The state-owned company announced that it prevailed in the bidding process for the two blocks of apartments at Friedrichstraße 226 and 225 on Monday, and retained exclusivity. Notarization will be carried out soon. The properties’ previous owners are two Cologne-based asset management firms. The outcome of the deal was still uncertain as late as last Friday. It had become known just prior that the listed property, mainly consisting of subsidized housing, was to be sold, and to the highest-bidding investor. But since Gewobag had also participated and apparently was initially outbid, there had been spontaneous demonstrations supported local politicians, including the well-known Berlin district council member Florian Schmidt (Greens), who also threatened with the district’s right of first refusal. After that Gewobag was apparently back in the race.


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