05.11.2025
Sustainable solution: Luther advises on sale of Hertie department store in Neustadt following insolvency
Frankfurt am Main, 5 November 2025 – Luther Rechtsanwaltsgesellschaft successfully advised EKZ Neustadt Weinstraße KG, a company belonging to the Devello Group, on the sale of the former Hertie department store in Neustadt an der Weinstraße. The property is being acquired by the town of Neustadt an der Weinstraße itself.
The sale of EKZ Neustadt Weinstraße KG following its insolvency is an important step towards revitalising Neustadt's city centre. In view of the current challenges facing the retail sector and the increasing number of vacant department stores in Germany, this project also sends a positive signal beyond the city limits. Under the leadership of the provisional insolvency administrator Vanja Alexander Kovacev, a sustainable solution for the site was found in collaboration with Luther.
Luther's experienced real estate restructuring team, led by Oliver Köhler and Matthias Wagner, developed an economically viable structure in close consultation with the city as investor and the mortgagee. The parties involved benefited in particular from Luther's expertise in the areas of insolvency law, real estate law, tax law and public law.
The plan is to demolish the building and carry out a long-term redevelopment of the city centre area. As a temporary solution, a car park will be available for five years from the end of 2026. Mayor Weigel also announced an ideas competition in which citizens can participate to help shape the future design.
On behalf of EKZ Neustadt Weinstraße KG:
Luther, Restructuring & Insolvency: Oliver Köhler (Partner, lead), Paul Mey (Associate)
Luther, Real Estate Law: Matthias Wagner (Partner)
Luther, Public Law: Professor Johannes Beermann
Luther, tax law: Ulrich Siegemund
Provisional insolvency administrator: Vanja Alexander Kovacev (BBL Brockdorff)