According to his information, the investor and asset manager CR Investment Management (CR) begins the sale of the first part of the real estate portfolio of the insolvent German real estate group (GPG).
The company has been authorized exclusively by insolvency administrator Justus von Buchwaldt of BBL Brockdorff Rechtsanwaltsgesellschaft to sell GPG properties, CR announced. Accordingly, more than 20 properties will be put up for sale on July 21. Most of these vacant properties are listed. According to the information, more property from the German property group’s insolvency estate will follow at a later date.
According to CR, the properties being sold cover a total area of about 1.2 million square meters across Germany. They are located in Brandenburg (7) and Berlin (3) as well as Baden-Württemberg, Hesse, Mecklenburg-Vorpommern, Saxony and others. The most notable property is the Dusseden Castle in Mecklenburg-Vorpommern with an area of approximately 838,000 square metres. However, the “castle” itself appears to be little more than a historical facade still standing.
Large-scale investor fundraising
In terms of marketing, CR Investment Management says it’s working with technology company Realxdata, which specializes in “deal management,” property and location analysis, and “process and workflow digitizer” Cloudbrixx.
German real estate group (formerly Dolphin Trust) has raised investor funds on a large scale for the alleged renovation of German monument properties with big promises of returns, especially abroad. Press reports speak of up to three billion euros, most of which came from Great Britain and Asia. In 2019, doubts arose over whether the business model had actually performed as promised. In July 2020, the German real estate group filed for bankruptcy. Bankruptcy proceedings opened in October. At least some of the properties turned out to be less of a “renovation property” than a ruin. There is now also a suspicion of a pyramid scheme.