Acting on instructions from Deutsche Wohnen AG, the real estate experts of Winters & Hirsch have brokered the recent sale of a listed residential complex in Berlin’s Reinickendorf district to a wealth management firm based in the German capital.
Completed approx. 1930, the property is part of the listed housing estate dubbed Weiße Stadt [White City]. The estate was included in the UNESCO world heritage list in 2008.
The property comprises 54 residential units on approx. 4,000 sqm of total floor space. The flats are sized between 71 and 76 sqm. The vacancy rate is approx. 8 percent. The property was sold at 17 times the annual rent. The buyer plans to convert the flats into condominiums.
Winters & Hirsch had been instructed by the seller to market the property, and also advised the buyer on the transaction. The purchase contract was notarised by notary Rahns of FPS Rechtsanwälte & Notare, Berlin.