Ashurst advised Barings, one of the world's most largest real estate investment managers, on the acquisition of Frankfurt's St. Martin Tower by way of a share deal.
The buyer of the property is a 10.1 percent joint venture between Barings and the listed Coreo AG (Coreo). Barings managed the transaction for its investor.
The office complex with a rental area of around 26,000 square metres, equipped with tenants with high credit standing, is almost completely let and is located in a very good location in Frankfurt's City West. The property consists of two parts, the "Tower" with 18 floors and the "Wing" with seven floors. The property also has 397 parking spaces.
The seller is publity AG (publity), which acquired the St. Martin Tower via its subsidiary publity Investor GmbH in April 2019 for its own real estate portfolio. The transaction is expected to close in 2019. The parties have agreed not to disclose details of the purchase price.
The Ashurst team was led by partner Nicolas Deuerling, assisted by counsel Bernd Bäumer, associates Kai-Steffen Knapp, Tamara Greim and paralegal Daniel Weimann (all real estate, Frankfurt). Partner Jan Krekeler (Frankfurt), counsel Volker Germann (Munich), senior associate Anna-Maria Krekeler and transaction lawyer Kathrin Meier (both Frankfurt) advised on corporate law. From Ashurst's Luxembourg office, counsel Paul Witte (corporate) supported. From the project finance team, partner Derk Opitz and senior associate Torsten Limberg (both Frankfurt) were involved. Counsel Dr Maria Held (Munich) advised on competition law aspects. Associate Dr Simon Groneberg (Frankfurt) advised in the field of construction law, planning law and environmental law. Partner Dr Anders Kraft and associate Carina Park (both tax, Frankfurt) provided tax law advice.
