Ashurst advised Warburg-HIH Invest Real Estate (Warburg-HIH Invest) on the acquisition of the office and commercial real estate project "Machwerk74" in Berlin from PROJECT Immobilien Gewerbe AG. The parties agreed not to disclose the purchase price.
"Machwerk74" is being built in an established business park in Berlin's district Tegel. The property will comprise 5,963 sqm office space, approximately 1,840 sqm for production-related business and around 555 sqm for bistro facilities. The new five-story building with an underground parking garage is expected to be ready for occupation in the third quarter of 2022. The offices are already fully let to a banking company.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Sven Nickel and transaction lawyer Isabella Strauß (all Real Estate). Advice on tax law was provided by partner Dr Anders Kraft. Senior associate Ilka Breuer advised on investment law.
Ashurst's longstanding client Warburg-HIH Invest is one of the leading investment managers for real estate in Germany and Europe. Currently, assets with a volume of €12.9bn are being managed across 78 funds.
