CR Investment Management (CR) has announced the sale of a property in Panketal near Berlin for an undisclosed amount.
The property is ready for development, with planning consent in place for 237 residential units and a gross floor area of 17,000 m2.
The plot of about 17,600 m2 near the city limits of Berlin was part of the insolvent estate of the German Property Group (GPG) conglomerate. CR was retained by administrator Justus von Buchwaldt of law firm of BBL Brockdorff on an exclusive mandate to sell off the real estate of GPG. The mandate involves a portfolio of properties spread throughout Germany, most of them listed and vacant.
GPG is the renamed Dolphin Trust which took money from small investors and collapsed in 2020, owing them more than €1 bn.
’Investor interest in the ready-for-development plot was overwhelming,’ said Claudius Meyer, managing director of CR Investment Management. ‘We received numerous requests for purchase information along with a large number of concrete purchase offers. In July, we will launch a sales drive for roughly another 20 assets from the GPG portfolio. These properties are widely spread across Germany. We will soon publish more details about the sale.’
Marlene Auerbach, responsible for the transactions and acquisitions at CR Investment Management, added: ‘The portfolio properties will be individually sold in several marketing phases. The portfolio covers a wide spectrum of vastly different assets. In addition to inner-city residential real estate, it also includes vacant development plots, for instance. Many of the standing—and often listed—properties are in an unrefurbished state.’
For marketing purposes, CR Investment Management will collaborate with the technology company realxdata, which specialises in deal management, property analyses and site analyses, and with Cloudbrixx, a company digitising processes and workflows.
