Ludwigshafen: Hansteen acquires "Rheinblock," plans modernization
The British investment group Hansteen Holdings is acquiring the residential and commercial complex called "Rheinblock" in Ludwigshafen. The stock exchange listed firm submitted the winning bid in an auction conducted by the Angermann group. The building complex currently comprises 3,500 sqm of residential and 6,600 sqm of office and retail space. Legal consultation for the transaction was provided by the law firm JonesDay; PropertyAMI GmbH will be in charge of asset management. No financial details have been announced. Via WEG Wirtschaftsentwicklungsgesellschaft in Ludwigshafen, Hansteen reported that the apartments and offices will be renovated. A retail shopping mall might also be built on the ground floor. The centrally located building complex will be considerably enhanced in value thanks to the opening of ECE's "Rhein-Galerie" in fall, 2010.