Global law firm Norton Rose Fulbright has advised R+V Versicherung, one of Germany's largest insurers, on the acquisition of the housing project “Häuser im Park” in Ostfildern. The acquisition is the first step in establishing a residential property portfolio in and around economically strong regions throughout Germany.

The focus is on the acquisition of turn-key new building projects and high-volume blocks and portfolios of existing flats. The company instructed with the property acquisition and current management of the portfolio is the GWG group, a company specialising in residential properties.

The housing project in Ostfildern will be built in construction phases, including a total of 145 residential units offered as rented flats, located at Scharnhauser Park between Ricarda-Huch- and Nelly-Sachs-Straße. The residential space to be constructed will comprise approximately 13,800 square meters in total, with an estimated 152 parking spaces in an underground garage. The first construction phase comprising 69 residential units has already started. The second construction phase is planned to include 76 residential units, with completion of the project expected in 2021/2022.

The acquisition of the project was carried out under a forward deal. The developing company and seller of the housing project "Häuser im Park" is HKPE Hofkammer Projektentwicklung GmbH.

The Norton Rose Fulbright team was led by Frankfurt partner Thomas Hopf and included of counsels Dr Felix Dinger and Bernd Schneider, senior associates Sven-Christoph Riepke and Dr Gabriele Bruchmann and associate Borislaus Baron (all corporate, real estate). Further assistance was provided by Tino Duttiné and associate Judith Kutter (both tax).