Marienhöfe Berlin: Forward funding structured – decision-making certainty for RS Immobilien
A residential quarter with around 880 apartments in Berlin-Tempelhof, an international investor, a complex forward funding contract : Aderhold advised RS GmbH & Co. Immobilien II KG on the sale of the Marienhöfe to Hines – and brought structure to a complex contract setup, clarified dependencies and risks, and enabled a tight schedule until the signing.
The deal at a glance:
Asset: Marienhöfe residential quarter, Berlin-Tempelhof (approx. 85,000 m² gross floor area)
Apartments: ~880, of which ~30% are subsidized; additionally: assisted living, medical center, retail, restaurants, fitness
Structure: Forward Funding
Aderhold's role: Structuring and negotiating the forward funding agreement; coordinated advice at the interfaces with 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.
Challenges in the deal – and how we solved them
Clarify structure and interfaces: responsibilities, payment mechanisms and risks are specified early on.
Enabling legal feasibility: Pragmatically translating economic goals into legally possible structures.
Focus negotiations: Key issues prioritized and considered within the overall structure — for reliable decisions in every round of negotiations.
Forward Funding – explained briefly
With forward funding, the investor doesn't buy the finished property, but rather finances defined construction and development phases. This requires clear agreements regarding quality, deadlines, acceptance procedures, and risk sharing. Our approach: transparency, clear responsibilities, and reliable milestones – so that decisions remain predictable.
What our team says about the project
“In projects of this scale, good structuring and a clear division of tasks are essential. Crucially, even with complex tasks, a fair and pragmatic overall solution must be developed early on and consistently pursued.”
— [ Attorney Catherine Westerwelle ]
Our contribution to a livable neighborhood
The neighborhood combines housing—including approximately 30% subsidized units—with amenities for health, care, local services, and recreation. It follows the concept of the "15-minute city": everyday destinations are easily accessible on foot or by bicycle—for residents, the neighborhood, and Berlin-Tempelhof. In addition, high-quality outdoor spaces are being created: play areas, exercise areas (including calisthenics and table tennis), and natural zones with a specially designed habitat for the alpine newt. To achieve this, a portion of the approximately ten-hectare site will be de-sealed—a benefit for climate resilience and overall quality of life.
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