PLUTA Attorney Florian Zistler sells the “Big Hole” in Kempten

The insolvency administrator Mr Florian Zistler from PLUTA managed to sell the property in Bahnhofstrasse on August Fischer Square in Kempten. The buyer is City-Wohnen-Kempten GmbH B27, a company newly founded by nowinta Bau GmbH based in Aalen and doma Immobilien und Finanzkonzepte GmbH based in Leonberg.

The purchase agreement was notarised on 29 December 2017. The parties have agreed to maintain confidentiality on the purchase price. The consortium of bidders secured the deal in a two-stage bidding process, in which the contract was awarded to the party submitting the highest bid.

“There was a great demand for the property. We had almost ten bidders and succeeded in achieving good proceeds from the sale. Finally, the contract was awarded to nowinta and doma consortium, which had made the best offer. This means that the ‘Big Hole’ in Kempten will soon be a thing of the past,” said the insolvency administrator Mr Florian Zistler from PLUTA Rechtsanwalts GmbH.

The attorney has sold the property covering an area of 2,031 square metres as part of the insolvency proceedings for Ritter & Kyburz GbR. In the region, the property is known as the “Big Hole” since the construction project had come to a standstill after the excavation work had been completed and parts of the underground garage had been built. The underground garage has now been completed.

Mr Claus Eberhardt and Mr Karlheinz Maier, managing directors of City-Wohnen-Kempten GmbH B27, said: “We are delighted about being awarded the contract. The property is situated in a prime location in Kempten. We will build attractive student apartments there. With a total of more than 6,000 students, Kempten is an ideal place for such a project.”

The sales process was supported by impro Immobilienverwertung GmbH. This company has been active throughout Germany as a specialist for selling real estate involved in insolvency proceedings since 1993.

Following the decision taken on 3 May 2016, the Local Court of Kempten had opened insolvency proceedings for the assets of Ritter & Kyburz GbR that manages the property located at Bahnhofstrasse / August Fischer Square and had appointed Mr Florian Zistler from PLUTA Rechtsanwalts GmbH as the insolvency administrator.