Greenberg Traurig Advises on Sale of Karstadt Flagship Store in Wismar from Signa Holding

BERLIN - Oct. 8, 2024 - Global law firm Greenberg Traurig advised on the sale of the historic Karstadt flagship store in Wismar. Buyer of the building complex is ML Real AG, an investment and asset management company based in Berlin.

The property was part of the portfolio of Signa Holding GmbH, which is handled by insolvency administrator Prof. Dr. Torsten Martini of law firm Görg. It includes the Karstadt flagship store at Rudolph-Karstadt-Platz 1, built in 1907, and the adjacent listed buildings on Lübschen Straße and Krämerstraße. With a total rental area of almost 6,000 square meters, the complex houses the GALERIA department store, a sports and toy store, and a travel agency. GALERIA will continue to use the space as a long-term tenant.

Greenberg Traurig provided support throughout the entire sales process and advised on all legal aspects of the transaction.

The acquisition represents a strategic expansion of ML Real AG's portfolio in Wismar, increasing the company's managed real estate portfolio in the Hanseatic city to around 14,000 square meters of rental space.