- Attractive micro-living project development in Berlin-Mitte with existing building permit
- Development of a local retail center with a well-diversified tenant mix near Nuremberg with existing building permit
Baar-Zug (Switzerland), January 18, 2021. 777 Capital Partners AG (www.777capital.com), a newly founded investment boutique for innovative, sustainable and high return real estate investments, has successfully completed the acquisition of its first two project developments. The value of the assets in Berlin-Mitte and in the greater Nuremberg area sums up to 100 million Euros.
The properties offered significant upside potential and underline the ambitions of the company. 777 Capital Partners was recently established by Ralph Winter and Thomas Landschreiber and focuses on off-market and opportunistic transactions in the segments ‘Innovative Living’ and ‘Commercial Real Estate’.
Project development of micro apartments in Berlin-Mitte
The first project is an innovative micro-living residential development, with an area of approximately 5,700 square meters in a highly attractive part of Berlin. The property features common spaces which will be made available to tenants via a live & work-concept. The building permit for the development with a volume of around 65 million Euros has already been obtained. Completion is scheduled for the end of 2022. A 20-year lease for a daycare center has already been concluded with the City of Berlin.
Project development of a local supply center near Nuremberg
The second project is a local fast moving consumer goods center with leasable space of around 11,000 square meters in Sulzbach-Rosenberg, in one of the top economic growth regions in Germany1. The building permit for the project development has already been issued and the new center is scheduled for completion in the first quarter of 2022. The pre-letting rate with some contracts up to 15 years is almost 80 percent. Anchor tenants include established grocery retailers such as Edeka and Netto, the drugstore Müller and a textile discounter.
“The Berlin project offers innovative micro-apartments in an excellent location and the local shopping center in Bavaria is designed to meet the sustainable requirements of the region. I am pleased that we were able to acquire such promising projects just a few weeks after the launch of 777 Capital. The transactions were characterized by complex structures and had to be completed in a very short time. Both transactions are good examples underlining our expertise and opportunistic business model,” said Thomas Landschreiber, Partner & Co-Founder.
In both transactions, the law firm Goodwin Procter LLP, led by partner Marc Bohne in Frankfurt, acted as legal advisor.