Berlin, 9 February 2017 – The Berlin-based company Capital Bay GmbH (Capital Bay) has sold the villa in Magdeburg that it acquired just last summer, along with the associated office property. The prestigious historic building in a prominent location in Magdeburg (extension to Hegelstrasse) went to a private investor, while the office unit went to a semi-professional investor.
Capital Bay had acquired the villa and the adjoining building in July 2016 and extensively renovated and fully let the office with its approximately 900 m² of commercial space. A preliminary building permit has been issued for the conversion of the listed villa into housing with residential space also totalling 900 m². “We took advantage of the favourable market environment and generated a mid-double-digit profit margin on the sale,” comments Ralph Ziegler, Managing Director of Capital Bay Transaction Management GmbH.