Marienhöfe Berlin: Aderhold structures forward funding – RS Immobilien consulting

A residential quarter with around 880 apartments in Berlin-Tempelhof, an international investor, a complex forward funding agreement: Aderhold advised RS GmbH & Co. Immobilien II KG on the sale of Marienhöfe to Hines – bringing structure to a complex contractual setup, clarifying dependencies and risks, and enabling a tight schedule leading up to the signing.

• Asset: Marienhöfe residential quarter, Berlin-Tempelhof (approx. 85,000 m² gross floor area)
• Apartments: ~880, of which ~30% are subsidized; additional features: assisted living, medical care center, retail, restaurants, fitness center
• Structure: Forward funding
• Aderhold's role: Structuring and negotiation of the forward funding agreement; coordinated advice on real estate and merger control issues
• Team: Dr. Thorsten Siepe, Catherine Westerwelle (lead partners, both real estate/corporate law);
  others: Prof. Dr. Lutz Aderhold (real estate/corporate law), Dr. Christian H. Müller (merger control), Dr. Alexander Bardenz (contract law), Tim-Robin Karras (real estate/corporate law) – all based in Dortmund. 

• Clarify structure and interfaces: Responsibilities, payment mechanisms, and risks specified at an early stage.
• Enable legal feasibility: pragmatically translate economic goals into legally feasible arrangements.
• Focus negotiations: Prioritize key points and consider them within the overall structure—for reliable decisions in every round of negotiations.

With forward funding, the investor does not purchase the finished property first, but instead co-finances defined construction and development phases. This requires clear regulations regarding quality, deadlines, acceptance, and risk sharing. Our approach: transparency, clear responsibility, and reliable milestones—so that decisions remain predictable.

"In projects of this magnitude, good structuring and a clear distribution of tasks are essential. Even with complex tasks, it is crucial to develop a fair and pragmatic overall solution at an early stage and to pursue it consistently."
— [Attorney Catherine Westerwelle]

The neighborhood combines housing—including around 30% subsidized units—with health, care, local amenities, and exercise facilities. It follows the 15-minute city model: everyday destinations can be easily reached on foot or by bike—for tenants, the neighborhood, and Berlin-Tempelhof. In addition, high-quality outdoor spaces are being created: play areas, exercise areas (including calisthenics and table tennis), and nature-oriented zones with a specially designed mountain newt habitat. To this end, part of the approximately ten-hectare site is being unsealed—a plus for climate resilience and quality of life.

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