German construction and building company, Hallesche Mitteldeutsche Bau AG (HMB) has placed over 30 various types of properties in an online auction on the Freedom Realty Exchange (FRE.de) in an effort to efficiently dispose of standing real estate inventory in the Saxony-Anhalt and surrounding states.
Many of the properties in this portfolio were previously thought to be unavailable, but in an unprecedented move by HMB, interested buyers now have the unique opportunity to purchase the real estate at a deeply discounted rate and in a very convenient and secure auction method.
“As a leading online real estate auction marketplace, Freedom Realty Exchange is proud to be part of this event and feels confident that the local buyers will embrace the online auction method and participate in the sale,“ states Ryan Devin, Director of Auction Operations.
With properties ranging from vacant land to commercial buildings, and even hotels, this real estate auction represents the strong shift by institutional property owners to attract buyers in a market where true real estate value can be difficult to determine, especially when the properties have remained undeveloped for a long period of time.
“The efficiency of an online auction is what appealed us. We have many properties to sell located in a large geographical radius, and we strongly felt that the online auction would be the best option to attract as many buyers as possible from the local region, as well as across the globe,“ states Cahit Oklap, President of HMB.
The online auction format is a convenient, secure and fair process becoming very popular with buyers as it does not require them to physically be present to bid on a property, allows them to bid on more than one property simultaneously and all bidding is conducted from the buyer’s own computer, whether at the office or at home.
The online auction features a variety of properties, here are a few highlighted ones;
#118-11 – Schlosshotel Fincken — a lake front hotel with views of Finckener See. This 3-story hotel with a basement for social events includes 3 hotel bungalow, restaurant/bar and three conference rooms. The minimum starting bid is EUR1,000,000.00.
#118-12 – Hotel am Steintor in downtown Halle is a 4-story hotel with 49 rooms, restaurant/bar and basement. The minimum starting bid is EUR790,000.00.
#118-15 — An office complex with over 77m of frontage along Madgeburger Strasse in downtown Halle. It is comprised of a 5-story office building, a 7-story courtyard office building with multi-tenant leases, a repair shop and garages. The minimum starting bid is EUR1,830,000.00.
Interested buyers can conduct their property research and due diligence by downloading documents directly from the auction website, www.FRE.de/118 as well as contact the Regional Representative in Leipzig to schedule a tour of a property. A fee is offered to real estate agents/broker representing a buyer in a successful sale of a property in the auction. All bids are due May 3, 2012.
