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 900m² of residential space. In addition, the associated commercial unit from year 1996 has 900m² of lettable space. An architecture firm will occupy the space beginning August 1, 2016.
