A joint venture between Investa Real Estate and Baywobau has sold a new development project of 253 rental apartments in Berlin to the LUWIN Real Estate Managers investment platform. The sale contract, structuring the transaction as a forward deal, was signed in June. Construction of the project has already begun and the residential buildings will be handed over to LUWIN, on a turnkey basis, by mid-2022. The parties have agreed to keep the sale price confidential.
The residential complex in Schmargendorf, part of the south-western administrative district of Charlottenburg-Wilmersdorf, will provide a total lettable area of 18,200m² and 150 parking spaces. The development project acquired by LUWIN is the centrepiece of the new Maximilians-Quartier, where a total of around 1,000 condominium and rental apartments, rent-controlled housing and a day nursery will be developed.