2,400 properties sold by PLUTA Rechtsanwalts GmbH
Mr. Stephan Ammann, an attorney at PLUTA Rechtsanwalts GmbH, was involved in the proceedings for the assets of a real estate company with 2,400 residential and commercial properties. Now, almost two years after the opening of insolvency proceedings of BGP Immo-West S.à.r.l. & Co. KG, Stephan Ammann has succeeded in selling all the properties. The properties are located in seven cities in North Rhine-Westphalia and four cities in North Germany, including Duisburg, Essen, Bremen and Bremerhaven.
Most of the real estate portfolio was acquired by the various fund companies belonging to the US American Ares Management L.P. In ten further individual transactions, Stephan Amman sold 674 residential units. The fact that the complete real estate portfolio was successfully sold in under two years shows that an insolvency may be the better option when it comes to making decisions in the interest of the creditors. The key to success in selling real estate portfolios of this size is a close cooperation with powerful and financially sound banks. In these proceedings, the mutual interest in achieving an optimal sale made a decisive contribution to a successful outcome since it ensured flexible portfolio management resulting in the lowest costs and the highest selling price possible.