HauckSchuchardt Advises Värde Partners on Sale of Real Estate Portfolio
HauckSchuchardt has advised Värde Partners Inc. (Värde) on the sale of a real estate portfolio to Gateway Real Estate AG.
The portfolio comprises 21 commercial properties with a lettable area of just under 100,000 sq m and a vacancy rate of 14.3%, which are located across Germany but predominantly in North Rhine-Westphalia and Lower Saxony. The rental area of the properties inter alia comprises offices (around 51%), restaurants and hotels (around 28%) and retail spaces (around 10%). The parties have agreed not to disclose the purchase price.
Värde is a global alternative investment firm with assets under management totalling USD 14 billion. Gateway Real Estate is a stock corporation specialising in investments in, development of and asset management for commercial properties and has its registered office in Frankfurt am Main, Germany.
The HauckSchuchardt team advising Värde mainly on corporate and tax aspects comprised partners Dr Philipp Graf von Dürckheim (Real Estate and Corporate), Dominik Berker and Severin Berker (both Tax), Dr Jens Christoph Luckas (Real Estate), Dr Martin Kienzler (Real Estate and Corporate) and Lisa Frühwacht (Tax, all Frankfurt).
The Allen & Overy team, which took the lead in advising Värde on drafting and negotiating the contractual documentation as well as in advising on the transfer of the existing financing instruments, comprised partners Dr Jochen Scheel (Frankfurt, transaction management), Dr Christian Hilmes (Hamburg, both Real Estate), Dr Olaf Meisen (Frankfurt, Real Estate Finance), Dr Heike Weber (Frankfurt, Tax), counsels Stefan Kuhm (Frankfurt, Real Estate Finance) and Matthias Fischer (Frankfurt, Real Estate), senior associate Juliane Dieckmann-Keden (Hamburg, Corporate), associates Dr. Daniel Bolm (Hamburg, Real Estate) and Stipe Bojanic (Frankfurt, Real Estate Finance) and lawyers from the firm's Luxembourg office.
Gateway Real Estate were advised by a team from Bornheim and Partners led by Dr Frank Maier.