Berlin, 18 July 2016 – The Berlin-based company Capital Bay GmbH (Capital Bay) has acquired a historic mansion and an adjoining building in Magdeburg as part of an asset deal. The seller of the two properties located in a prominent location in Magdeburg (extension to Hegelstrasse) is a German construction company.
The highly prestigious building from year 1900 requires extensive renovation. The plan is to completely renovate the mansion, which was previously used as the headquarters of a major bank, and convert it into housing with 900 sqm of residential space. In addition, the associated commercial unit from year 1996 has 900 sqm of lettable space. An architecture firm will occupy the space beginning August 1, 2016.