Noerr advises Commerz Real on acquisition of micro flat complex in Leipzig

A team from Noerr under the leadership of Annette Pospich, head of Noerr’s Real Estate Investment practice group, has advised the ‘CR Institutional Smart Living Fund’ of Commerz Real Kapitalverwaltungsgesellschaft on the acquisition of a residential complex of 265 student apartments and micro flats to be built in Leipzig.

The purchase agreement for the acquisition by Commerz Real in the form of a forward asset deal included a construction obligation for the seller. The move-in date for the first students is planned for March 2022, in time for the beginning of the summer semester.

The former office building, which used to serve as the headquarters of IT firm Perdata, was constructed in 1990 on the grounds of a tin foundry and machine factory and is now to be gutted and revitalised beginning immediately. The result is to be 6,650 m² of residential space comprised of flats with an average floor space of 25m². The basement will have parking spaces for 98 cars and 265 bicycles.

The CR Institutional Smart Living Fund, whose portfolio already consists of nine other properties, has repeatedly sought Noerr’s advice in the past. This acquisition brings the fund to its current total investment amount of around €420 million.

Noerr Advisors
Commercial Real Estate
Annette Pospich (team lead); Manuel Lomb, Isabell Wunder (Munich)

Public Commercial Law
Peter Bachmann; Ines Coenen, Joachim Rung (Munich)