Herbert Smith Freehills has advised R+V Lebensversicherung AG on the acquisition of a residential project development with approximately 18,000 m² of living space in Schorndorf near Stuttgart by way of a forward deal. R+V Lebensversicherung AG acquires the project from Instone Real Estate, a leading residential developer in Germany.
The project will include 230 rental units as well as up to four commercial units on approximately 1,200m² of the overall 1.35 ha former industrial site of the Breninger leather factory in Schorndorf.
Of the newly created living space of approximately 18,000 m², 20% (circa 3,600 m²), are to be let at a discount as affordable living space in accordance with the specifications of the so-called Schorndorf housing supply concept. Construction is to start as early as spring 2020. Completion is planned for 2023.
The GWG Group, a subsidiary of the R+V Insurance Group specialising in residential properties, was commissioned with the ongoing management of the residential portfolio.
R+V Lebensversicherung AG is one of the largest insurance companies in Germany and insurer of the Cooperative Financial Group Volksbanken Raiffeisenbanken.
The Herbert Smith Freehills team advising R+V Lebensversicherung AG on the transaction included Dr Sven Wortberg (Lead, Partner), Ja Yeon Youm (Professional Support Lawyer, both Real Estate), Dr Steffen Hörner (Partner, Tax, all Frankfurt).