Meyerlustenberger Lachenal AG advised a prominent Swiss real estate fund in the acquisition of a group of newly built residential buildings part of a large construction project comprising condominium apartments and a hotel complex in the Lake Neuchatel area.
The particularities of this transaction are the fact that :
- While the real estate project foresaw that all the residential buildings would be erected on the same plot of land, thus forming a single condominium, the buyer wanted to be the sole owner of the targeted buildings. In addition, at the time negotiations started, the majority of the condominium units in the other buildings had already been sold to several dozen different owners. It was therefore essential to carry out a land mutation process, prior to the sale, which involved the cancellation of all the deeds of sale already concluded, the exmatriculation of the existing condominium and the conclusion of new deeds of sale and in the context of which it had to be taken into account that certain infrastructures are common to all the buildings and to the neighboring hotel complex.
- Given the fact that the construction of the buildings was in the process of being completed and that the buyer requested to be able to rent out the apartments immediately upon reception of the works, agreements had to be put in place between the seller and the buyer in order to allow the latter to (i.) begin the commercialization process of the premises before the execution of the sale and (ii.) use the existing marketing tools.
- The major part of the negotiation and the closing took place during the Covid-19 sanitary crisis.