GSK Stockmann advises NGEG on the sale of the “Fünfgiebelhaus” in Kiel to Hamburg Team

A GSK Stockmann team led by Michael Jani provide advice on real estate and investment law to NGEG Norddeutsche Grundstücksentwicklungsgesellschaft regarding the sale of the “Fünfgiebelhaus”, a newly built residential and commercial building complex in Kiel.

The purchaser of the property, which comprises 125 flats and several commercial spaces on the ground floor, is Hamburg Team Investment Management GmbH (HTIM), which acquired the property for the special fund of a North German pension fund.

The recently completed residential and commercial building is in a prime location in the centre of Schleswig-Holstein’s state capital between Holtenauer Strasse and the University of Kiel. The property was designed to be a sustainable residential building with local amenities on the ground floor. The building at Waitzstrasse 75 a-c houses a total of 125 residential units. From the first floor upwards, there are 17 publicly subsidised flats, a residential community for young people with disabilities that is also publicly funded, as well as 107 privately financed furnished apartments. There is an Alnatura organic supermarket and another commercial unit on the ground floor. The building, which was constructed according to the KfW-55 energy standard, also has a public underground car park with 50 parking spaces and an additional six outdoor parking spaces. The “Fünfgiebelhaus” (“five-gable house”) has a total lettable area of around 5,500 square metres.

Having acted as a regular adviser to NGEG on its real estate transactions since 2018, GSK Stockmann partner Michael Jani once again led a cross-divisional team to assist on this deal both in terms of drawing up the purchase agreement and in connection with the public funding of the construction project.

Advisers of NGEG:

GSK Stockmann: Michael Jani (Real Estate, lead), Robin Koza, Christina Reiber (both Real Estate), Nicolas Hoffmann (Projects & Public Sector).

Advisers of Hamburg Team:

REIUS Rechtsanwälte: Stefanie Fuerst, Christina Hölder, Jörn Kassow.

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