With the assistance of BBH, BBH Immobilien GmbH & Co. KG sold 121 flats in Hannover-Lahe with a total living space of approx. 7,560 m2 and 121 underground car parking spaces to SOKA-BAU (Zusatzversorgungskasse des Baugewerbes AG). Construction is due to start already next year. The project is scheduled to be completed in 2021.
“The new development project in Hannover-Lahe will contribute to the diversification of our real-estate portfolio in Germany”, explains Gregor Asshoff, member of the board of SOKA-BAU. “We find the overall concept of this project very convincing and the rental income will strengthen our return on investment, which in turn will benefit our clients.”
The law firm Becker Büttner Held (BBH), which is part of the BBH group along with BBH Immobilien, provided legal assistance to the seller in the context of the transaction. Lawyer and BBH partner Wolfram von Blumenthal says: “As BBH group, we are able to take an interdisciplinary and holistic approach when advising clients in regard to real estate projects. This is our strength.”
Klaus Off, Managing Director of BBH Immobilien, is delighted that the transaction was able to be completed before the end of the year. “This will provide a good basis for the construction and sale of an additional approx. 9,000 m² of office space in Hannover-Lahe”.
Becker Büttner Held is a leading provider of advisory services for energy and infrastructure companies and their customers. Energy and supply companies, particularly public utilities, municipalities and local authorities, industrial companies and international groups are among its core clients. BBH advises these and many other companies and organisations in all legal matters and also assists them with business and strategic advice.
BBH Immobilien GmbH & Co. KG, which is headquartered in Munich, supplements the advisory practice of BBH in the real estate sector. The company’s managing directors are BBH partner Wolfram von Blumenthal and real estate expert Klaus Off.
SOKA-BAU unites two institutions under one roof: the Paid Holiday and Wage Equalisation Fund of the German Construction Sector (Urlaubs- und Lohnausgleichskasse der Bauwirtschaft) and the Occupational Pension Fund of the German Construction Sector (Zusatzversorgungskasse des Baugewerbes AG). Both are joint institutions established by the social partners of the German construction sector: the Central Association of the German Construction Industry (Zentralverband des Deutschen Baugewerbes e. V.), the Federation of the German Construction Industry (Hauptverband der Deutschen Bauindustrie e. V.) and the Trade Union for Construction, Agriculture and the Environment (Industriegewerkschaft Bauen-Agrar-Umwelt). The services of SOKA-BAU are tailored to the specific situation in the construction sector (periods of bad weather, frequent change of construction site, providers from countries with low-labour costs) and are available to a total of approx. 80,000 construction companies with a workforce of approx. 800,000 and to 356,000 pensioners. The key activities of SOKA-BAU include the protection of holiday entitlements, the support of vocational training and sector-specific pension schemes.
The real estate business is an important component of SOKA-BAU’s capital investment strategy, the sole purpose of which is to build up a supplementary pension for people working or undergoing training in the construction sector. SOKA-BAU rents out more than 10,000 flats and approx. 100 commercial property units in many regions throughout Germany.
Contact:
Prof. Dr. Ines Zenke
Lawyer, Partner
Tel. 030 611 28 40-179
Visit Becker Büttner Held atwww.bbh-online.de, www.derenergieblog.de or twitter.com/BBH_online.