Clearwater acted as sole financial adviser to the City of Wiesbaden which has acquired a portfolio of 2,800 residential properties through its real estate company GWW. The properties are located in the urban area of Wiesbaden - Amöneburg, Kostheim and Kastel (“AKK”) - and were purchased from Wohnbau Mainz GmbH, a municipal company of the City of Mainz.
The purchase price of €150m is an essential part of the necessary financial restructuring of Wohnbau Mainz GmbH, with a balance sheet volume of approximately €1bn. Through this transaction the City of Wiesbaden ensures that the AKK properties remain under municipal control.
