Stuttgart – The Bayerische Versorgungskammer pension scheme has acquired the residential portion of the "Stuttgart City Prague - Living in the Theatre District" project prior to the start of construction work. The vendor is Instone Real Estate Group AG, a residential property developer.
A CMS team headed by lead Partner Dr Volker Zerr advised Bayerische Versorgungskammer on all aspects of legal due diligence and on the the complex negotiations around the purchase agreement. The transaction is structured as a forward asset deal.
After completion, the residential part of the project will comprise 250 units offering a total of 18,000 square metres of space, with 24 of the units designated as affordable housing. In addition to the apartments, the plans for the 8,700 square metre site include an office building, a children´s daycare centre and 262 underground parking spaces. Instone has already obtained planning permission for the project. Construction is expected to start in the spring of 2019, with completion scheduled for 2022.
Bayerische Versorgungskammer is the largest public-law pension group in Germany, providing the services and expertise required to run twelve occupational and municipal retirement schemes.
Dr Volker Zerr, Lead Partner
Dr Martin Prothmann, Senior Associate
Aylin Kocak, Associate, alle Real Estate & Public
Luise Uhl-Ludäscher, Counsel, Tax