Berlin, 9 June 2017 – The Berlin-based company Capital Bay GmbH (Capital Bay) has acquired 226 residential units in Lübeck with total rental space of just under 16,000 m² in a share deal. The portfolio includes six former barracks buildings that were converted into housing between 2012 and 2016, as well as a residential and commercial building in a high-street location and two other residential buildings in the Kücknitz district of Lübeck. The seller is a capital investment company based in a foreign EU country. The purchase price is a ten-figure amount in euros.
“The portfolio is fully let and has the same quality as new buildings thanks to the complete renovation of the barracks. The micro-location of the properties is highly sought-after. With its picturesque old town and its location by the Baltic Sea, the Hanseatic city of Lübeck is attracting growing numbers of residents. Demand for attractive housing is so high that the market is virtually full up and has hardly any vacancies,” says Ralph Ziegler, Managing Director of CB Transaction Management GmbH.
Legal advice was provided to Capital Bay by Jung & Schleicher Rechtsanwälte and to the seller by the consultancy Pestlin & Co. from Hamburg and the law firm Schröder Fischer.