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.
The 1930 property is part of the listed housing estate dubbed Weiße Stadt [White City]. In 2008, UNESCO included the housing estate in its world heritage list.
The property comprises 54 residential units on approximately 4,000 sqm of total floor space. The flats are between 71 and 76 sqm in size. The vacancy rate is approx. 8 per cent. The buyer plans to convert the flats into condominiums.
The property sold at 17 times the annual rent.
Winters & Hirsch had been instructed by the seller to market the property and also advised the buyer on the transaction.
The notary Rahns of FPS Rechtsanwälte & Notare, Berlin, notarised the contract.