Under the leadership of Hamburg-based partner Dr Martin Heidrich, Taylor Wessing has been providing legal advice to around 400 holiday property owners since the start of the proceedings in connection with the insolvency-related reorganisation and further development of the OstseeResort Olpenitz. Heidrich also served on the creditors’ committee for the proceedings. The insolvency administrator for HELMA Ferienimmobilien GmbH, Manuel Sack, a partner at the law firm Brinkmann & Partner, has now signed a purchase agreement with a strategic investor for the resort’s remaining available land.
The purchase agreement covers previously undeveloped land totalling around 39,000 square metres at the mouth of the Schlei River where it flows into the Baltic Sea in Schleswig-Holstein, as well as construction phases 2 and 3 of the Poseidon building. The completion of the land purchase agreement is still subject to various conditions; the transfer to the investor is expected to take place in early 2027.
The transaction creates a clear outlook for the future of the OstseeResort Olpenitz, which already comprises more than 1,300 residential units. At the same time, it paves the way for the establishment of a resort company. In future, this company is to coordinate overarching matters relating to the resort and, amongst other things, act as the point of contact for the town of Kappeln. The existing purchasers and holiday home leters are to hold shares in the resort company. The specific details are to be presented after the summer holidays.
Even whilst the insolvency proceedings were ongoing, development work on roads, roundabouts, paths and outdoor facilities was carried out at Ferienpark 3 on Matrosenring under the supervision of the insolvency administrator and with contributions from the owners. In addition, a further 74 residential units, including the outdoor facilities associated with each house, were completed and handed over to the purchasers. Here, too, a trust model was used to safeguard the owners’ investments.
A further trust model is planned for the completion of the first construction phase of the Poseidon building. This is to be carried out by the insolvency administrator in 2026 on the basis of an agreement with 38 purchasers. In addition, commercial spaces are being developed, particularly for catering purposes on the ground floor, which are available for sale separately.
The OstseeResort Olpenitz is situated at the mouth of the Schlei where it flows into the Baltic Sea, near Kappeln, and is one of the largest holiday property projects in Schleswig-Holstein. With the planned further development of the remaining available land, the establishment of a resort company and additional infrastructure measures, the resort is set to be strengthened in the long term as a tourist destination in the Schlei region.
Legal advisers to the owners
Taylor Wessing Germany: Dr Martin Heidrich (lead) and Rebecca Gabriel, both from the Restructuring practice, Hamburg; Sven Kahlert, Real Estate, Hamburg
