Ashurst advised Warburg-HIH Invest Real Estate (Warburg-HIH Invest) on the acquisition of the office development project Paseo Carré in Munich within the framework of a forward funding deal from the developer M-CONCEPT Real Estate (M-CONCEPT). Warburg-HIH Invest acquires the property development for an individual fund of Rheinische Versorgungskassen. It was agreed not to disclose the purchase price.
The completion of the seven-storey building at the corner of Offenbachstrasse and Landsberger Strasse is scheduled for late 2021/early 2022. The property will have a gross floor area of 7,600 sqm as well as a two-storey underground car park with 87 parking spaces and is already let to the City of Munich on a 20-year lease. The office building is part of the Paseo Carré, which is currently being built in the conveniently located district of Pasing. On the plot of around 8,500 sqm another six buildings with 95 flats, 3 penthouses and 100 apartments for owner-occupiers and investors are planned.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Sven Nickel, associates Florian Wörner and Raphaela Schmidt as well as paralegals Nico Antoni and Isabella Strauß (all Real Estate). Dr Anders Kraft advised on tax law. Advice on finance law was provided by Dr Jan Ulrich Heinemann (Finance, all Frankfurt).
Ashurst's longstanding client Warburg-HIH Invest is one of the leading investment managers for real estate in Germany and Europe and represented at ten locations throughout Europe. Currently, assets with a volume of 11.2 billion euros are being managed across 68 funds.
