Berlin’s largest construction site – Noerr advises consortium on financing of four construction phases of Heidestrasse urban quarter
Noerr has advised a mixed consortium of banks and an insurance company led by Deutsche Hypothekenbank (Actien-Gesellschaft) on the financing of four construction phases of the Heidestrasse urban quarter. The total amount being financed is over €296m.
This project development is the first to be financed with the involvement of an insurance company. In addition to Deutsche Hypothekenbank (Actien-Gesellschaft), DZ HYP AG and Volksbank e.G. - Die Gestalterbank Offenburg/Villingen, the consortium also includes health insurer DKV Deutsche Krankenversicherung AG (Ergo).
The development of the Heidestrasse urban quarter, which is being managed by Taurecon, Drees & Sommer and Aggregate, is currently one the largest construction sites in Germany. A new urban quarter is being created in the heart of Berlin, consisting of a total of seven construction phases. The urban quarter combines residential and office buildings, commercial space, public streets, squares and green spaces with cafés, restaurants, a hotel, a daycare centre and a local shopping centre. The four financed construction phases (“Spring”, “Colonnades”, “Straight” and “Crown II”) together comprise 72,383 m² of residential, office and commercial space and are scheduled for completion in 2023.
Noerr’s real estate financing team headed by Andreas Naujoks and Doreen Pape regularly advises Deutsche Hypothekenbank (Actien-Gesellschaft) on its real estate financing projects, most recently on the Four project in Frankfurt and the Gloria commercial building complex in Berlin.
Advisors to the consortium: Noerr Partnerschaftsgesellschaft mbB
Financing: Andreas Naujoks, Doreen Pape (joint team lead), Dr Karsten Fink (all Banking & Finance, Frankfurt)
Real Estate: Dr Clemens Schönemann, Madita Gosch, Hanna Pirlich (all Berlin)
Public Law/Construction Law: Ines Coenen (Munich)
Insurance Law: Dr Dan Schilbach (Dusseldorf)
Tax Law: Georg Edelmann, Dr Michaela Engel, Ulrike Sommer (all Munich)