Art-Invest Acquires 120 Apartments in Dresden with Heuking
May, 2020 - Germany
A team led by Dr. Peter Zimmermann and Dr. Marc Scheunemann, both Partners at Heuking Kühn Lüer Wojtek in Düsseldorf, legally advised Art-Invest on the acquisition of the “Urban Village” residential project in Dresden. Sold by Dresdner Wohnbau, the transaction was structured as a forward deal and is intended for a special housing fund. The acquisition was brokered by Ideal Wohnen GmbH & Co. KG, which was also entrusted with project management and project control.
The residential project at Königsbrücker Straße 95-97 in an attractive location on the edge of Dresden’s trendy “Äußere Neustadt” [“Outer Newtown”] district consists of 120 one-bedroom to three-bedroom apartments and 130 car parking spaces on some 8,400 square meters. Featuring a modern energy concept, the “Urban Village” is being built in accordance with the KfW 55 energy efficiency standard. Construction started in January 2020. The project is scheduled for completion by the end of 2021, leases of the residential units will start around mid-2021.
Counsel to Art-Invest
Heuking Kühn Lüer Wojtek:
Dr. Peter Zimmermann,
Dr. Marc P. Scheunemann, LL.M. (both Lead and Contract Negotiations)
Dr. Guido Hoffmann, LL.M. (Advice on Financing)
Dr. Tilman Spancken (Real Estate, in particular Due Diligence Aspects), all Düsseldorf
