Kriftel, 04.12.2018. The real estate consulting firm Steinberg Real Estate + Finance has successfully marketed the large-scale office site on Riemekestraße in Paderborn out of the insolvency of the owner company for a purchase price in the mid single-digit millions.
The seller of the 122,000 m² property with office development was the insolvency administrator Dr Jan-Markus Plathner from the insolvency administrator law firm Brinkmann & Partner. The insolvency occurred after Till Buschmann of the law firm Bryan Cave Leighton Paisner (BLCP) filed for insolvency proceedings on behalf of the mortgagee Titan Series Luxembourg S.à r.l. in November 2017.
Prior to the insolvency, unsuccessful attempts had been made for several years to market the property, which was made more difficult by the 90% vacancy rate, 41,000 m² of rental space, massive refurbishment backlog and local supply overhang.
However, Steinberg Real Estate was able to identify considerable development potential and generate buying interest through a comprehensive site and property analysis, the sounding out of potential under building law in coordination with the business development and urban development departments, and the development of various scenarios for site development.
In order to ensure the greatest possible transparency for the creditors and the insolvency administrator, a structured bidding process was conducted, which ultimately resulted in a purchase price that was significantly higher than the creditors’ expectations.
About Steinberg Real Estate + Finance
Steinberg Real Estate Management GmbH is a consulting and investment company founded in 2017 and based in Kriftel near Frankfurt am Main. Steinberg Real Estate + Finance focuses on the marketing and restructuring of complex real estate and real estate financing throughout Germany. In addition, Steinberg Real Estate + Finance is itself active as an investor in the field of distressed real estate and real estate loans and insolvency claims. The shareholders of Steinberg Real Estate + Finance are the two managing partners Antje Mertig and Michael Schäff. www.steinberg.management
Press contact
Steinberg Real Estate Management GmbH, Taunusstraße 52, 65830 Kriftel
E-Mail: info@steinberg.management, Tel. +49 (0) 6192 973 3544