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Property transactions “made by CMS Germany”

Our team specialises in all matters related to real estate transactions. This applies to all aspects of the acquisition, sale and financing of properties, both in the context of share deals and asset deals. We also support our clients with regard to asset management of their property portfolios.

The transactions on which we have advised in recent years have a total value of many billions of euro and include a range of headline deals.

Our "Real Estate service" portfolio

  •  Property transactions
    • Asset and share deals, individual or portfolio transactions as well as sale and leaseback
    • Buyer and seller due diligence
    • Design, negotiation and conclusion of leases
    • Design and negotiation of the LOI and purchase agreement
    • Support for completion
    • Tax structuring of the acquisition
  • Legal asset management
    • Strategic advice on restructuring the tenant portfolio
    • Legal advice on disputes with tenants
    • Legal support for conversions and refurbishments
    • Dividing up residential property and selling it off (notarial aspects in particular)
  • Real estate finance
    • Acquisition finance
    • Refinancing
    • Regulatory law issues
    • Negotiating with banks
  • Structuring real estate funds

How our expertise can help you

Our teams work across multiple locations, areas of law and national borders. Together with our comprehensive service portfolio, this means we always have the capacity required to ensure that large and time-critical transactions are handled promptly and efficiently.

What others say about us

"Frequently recommended law firm for real estate law, a leading player with regard to the key market trends."
(JUVE, 2012/2013) 


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12/2021
Co­ali­tion agree­ment: Green light for the real es­tate in­dustry?
Ger­many’s new traffic-light co­ali­tion is tak­ing shape. How will it af­fect the real es­tate in­dustry?
12/2021
2021 traffic-light co­ali­tion – Im­pact of the co­ali­tion agree­ment
The “traffic-light” co­ali­tion com­pris­ing the SPD, the Greens and the FDP has now presen­ted its co­ali­tion agree­ment for the peri­od 2021 to 2025 in Ber­lin. The tri­part­ite al­li­ance is aim­ing to trans­form the so­cial mar­ket eco­nomy in­to a so­cial-eco­lo­gic­al mar­ket eco­nomy by fo­cus­ing on cli­mate and di­git­al­isa­tion is­sues. At the press con­fer­ence, the in­com­ing gov­ern­ment de­scribed it as the most ex­tens­ive mod­ern­isa­tion of the eco­nomy for more than a hun­dred years. We set out be­low how this is to be achieved, the op­por­tun­it­ies arising for your com­pany and the top­ics you need to be par­tic­u­larly aware of.
09/12/2021
CMS ad­vises Swiss Life As­set Man­agers and Beos AG on ac­quis­i­tion of com­mer­cial...
Stut­tgart – Swiss Life As­set Man­agers and Beos AG, a sub­si­di­ary of Swiss Life As­set Man­agers that spe­cial­ises in cor­por­ate real es­tate, have ac­quired a com­mer­cial prop­erty in Korntal-Münchin­gen, an...
06/12/2021
Com­mer­cial rent pay­ments in Ger­many
1. Gen­er­al over­view Wheth­er ten­ants are en­titled to claims against their land­lord in the event of pan­dem­ic-in­duced losses al­ways de­pends on the in­di­vidu­al case, also un­der Ger­man law. In par­tic­u­lar...
15/10/2021
CMS ad­vises private equity in­vestor capiton on in­vest­ment in Solvis
Stut­tgart – Private equity firm capiton has ac­quired a stake in Braun­sch­weig-based Solvis, a de­veloper and man­u­fac­turer of re­source-sav­ing and en­ergy-ef­fi­cient hy­brid heat­ing sys­tems. To­geth­er, capiton...
10/06/2021
CMS ad­vises Hy­dro Alu­mini­um Deutsch­land on sale of Bonn site to Cube Real...
Düs­sel­dorf – Hy­dro Alu­mini­um Deutsch­land GmbH has sold its site in Bonn to de­veloper Cube Real Es­tate. The site cov­ers an area of around 40,000 square metres and is used by Hy­dro Alu­mini­um Deutsch­land...
19/04/2021
CMS European Real Es­tate Deal Point Study 2021
The COV­ID-19 pan­dem­ic has left its mark on the European in­vest­ment mar­ket. In­vest­ment volumes were around 23% lower than in the pre­vi­ous year, 2019, with its re­cord per­form­ance. Buy­ers fo­cused primar­ily on prop­er­ties with stable in­come and those only min­im­ally af­fected by the pan­dem­ic. The num­ber of trans­ac­tions in which steps were taken to en­sure the buy­er met its fin­an­cial ob­lig­a­tions was at a re­cord high. The trend to­wards more buy­er-friendly ar­range­ments con­tin­ued. Those are the key find­ings of the CMS European Real Es­tate Deal Point Study 2021.For the latest edi­tion of this sur­vey of the European real es­tate trans­ac­tion mar­ket, in­ter­na­tion­al com­mer­cial law firm CMS sys­tem­at­ic­ally as­sessed and eval­u­ated more than 1,900 real es­tate agree­ments on which it ad­vised in coun­tries across Europe from the be­gin­ning of 2010 to the end of 2020.The key find­ings:In­vestors fo­cus on stable in­comeThe COV­ID-19 pan­dem­ic led to a change in in­vestor in­terest in the in­di­vidu­al as­set classes. Buy­ers fo­cused primar­ily on prop­er­ties with stable in­come and those that were only min­im­ally af­fected by the pan­dem­ic. Lo­gist­ics and res­id­en­tial prop­er­ties were es­pe­cially pop­u­lar.Of­fice real es­tate re­mained the strongest as­set class in Europe, but its share of the mar­ket fell to a re­cord low of 30%. De­mand for re­tail prop­er­ties re­mained at a con­sist­ently low level (15%). Lo­gist­ics real es­tate per­formed par­tic­u­larly well, post­ing a rise to 19% , a new re­cord. The pro­por­tion of in­vest­ment go­ing in­to spe­cial­ist prop­er­ties such as ho­tels fell sig­ni­fic­antly (14%). Res­id­en­tial real es­tate proved pop­u­lar with in­vestors, with its share rising to 22%.Sellers tak­ing steps to en­sure that buy­ers meet their fin­an­cial ob­lig­a­tionsDur­ing the pan­dem­ic, an in­creased need for se­cur­ity on the part of sellers was ap­par­ent. The pro­por­tion of trans­ac­tions in which steps were taken to en­sure the buy­er met its fin­an­cial ob­lig­a­tions rose to a re­cord high of 64%. In pre­vi­ous years, se­cur­ity was agreed in less than 50% of all trans­ac­tions.This high level is due to the in­creased de­sire for se­cur­ity on the part of sellers as a res­ult of the pan­dem­ic; they were of­ten un­cer­tain about the buy­er’s solvency go­ing for­ward. As a means of provid­ing se­cur­ity, both bank guar­an­tees (17%) and a not­ary’s es­crow ac­count (10%) be­came less pop­u­lar. In many cases, in con­trast, the buy­er made an ad­vance pay­ment (29%). In 9% of trans­ac­tions, use was made of sub­mis­sion to im­me­di­ate en­force­ment.Risk al­loc­a­tion in con­tracts: buy­ers catch­ing up in a seller-friendly mar­ket­Buy­ers were able to strengthen their po­s­i­tion fur­ther in 2020 with re­gard to risk al­loc­a­tion in con­tracts. In a mar­ket en­vir­on­ment that re­mained very seller-friendly, they suc­ceeded in ob­tain­ing fa­vour­able con­tract terms more of­ten than in pre­vi­ous years.As part of the war­ranty, guar­an­tees were again agreed more of­ten in fa­vour of buy­ers. The per­cent­age of agree­ments with in­di­vidu­al li­ab­il­ity pro­vi­sions in­creased to 75%. It was com­mon prac­tice to provide for both sub­ject­ive and ob­ject­ive guar­an­tees.The pro­por­tion of deals with seller-friendly lim­its on li­ab­il­ity, such as de min­imis and bas­ket clauses and caps, dropped slightly be­low the pri­or-year level in 2020. The up­ward trend seen over many years in agree­ments aimed at lim­it­ing li­ab­il­ity has thus been curbed some­what, while buy­ers were able to ne­go­ti­ate more fa­vour­able con­tract terms more of­ten than be­fore.Buy­ers also pre­pared ground with re­gard to the con­trac­tu­al pro­vi­sions on lim­it­a­tion peri­ods. An in­creas­ing num­ber of lim­it­a­tion peri­ods from 18 to 24 months were agreed in 2020, while there was a slight fall in the pro­por­tion of short lim­it­a­tion peri­ods of up to 18 months.Na­tion­al in­vestors more prom­in­entIn­t­er­na­tion­al in­vestors had a tough time in 2020. While in­ter­na­tion­al sellers have been re­spons­ible for the ma­jor­ity of deals since 2017, their per­cent­age dropped back down to 43% in 2020, with na­tion­al in­vestors be­com­ing more act­ive. Na­tion­al in­vestors ac­coun­ted for 48% of deals in 2018, while in 2020, 57% of real es­tate in­vest­ments were made by na­tion­al in­vestors.
24/02/2021
CMS ad­vises EnBW on in­vest­ment by Com­merz Real in port­fo­lio of 14 on­shore...
Stut­tgart – EnBW En­er­gie Baden-Württem­berg AG has sold 49.9% of the shares in a port­fo­lio com­pris­ing 14 on­shore wind farms with 47 wind tur­bines and total out­put of 133 MW to Com­merz Real’s Klimavest...
21/09/2020
Real Es­tate Re­set
From pan­dem­ic to pur­pose  As we wel­comed in a new year, the de­fin­ing is­sue of the next dec­ade looked set to be sus­tain­ab­il­ity. The rise of ESG – En­vir­on­ment, So­cial, Gov­ernance – was no flash in the pan; it was now a guid­ing prin­ciple for glob­al in­vestors and in­sti­tu­tions. Re­spond­ing to the cli­mate crisis was a pri­or­ity. And then COV­ID-19 changed everything.   Few would have pre­dicted quite how quickly the world would be turned up­side down by a glob­al pan­dem­ic, the like of which has not been seen for a cen­tury or more. The hu­man cost and in­di­vidu­al tra­gedies have been in­des­crib­able. The eco­nom­ic and so­cial im­pact un­pre­ced­en­ted. Cit­ies have be­come ghost towns. Mil­lions are work­ing from home, not of­fices. Re­tail, leis­ure and travel sec­tors have been par­tic­u­larly hard hit. And yet, in some ways, the events of 2020 have ac­cel­er­ated changes that were already gath­er­ing mo­mentum. For the real es­tate sec­tor there is now an op­por­tun­ity to re­set. For the first time, our re­search this year polls not only over 240 lead­ers across the real es­tate sec­tor, but over 1,500 seni­or of­fice oc­cu­pi­ers with de­cision mak­ing re­spons­ib­il­ity for prop­erty is­sues, and over 500 glob­al in­sti­tu­tion­al in­vestors. It takes a de­tailed look at mar­ket re­ac­tion to the pan­dem­ic and the last­ing im­pact it could have on the of­fice as­set class and the way in which we will ad­apt to our new work­ing en­vir­on­ment. We will also ex­plore real es­tate’s jour­ney from pan­dem­ic to pur­pose, as sus­tain­ab­il­ity and so­cial im­pact set the agenda for the sec­tor. This is our eighth an­nu­al re­port where we look to the fu­ture, ad­dress key is­sues fa­cing the real es­tate sec­tor and ex­plore mar­ket trends. We hope you en­joy read­ing it.
07/10/2019
CMS European Real Es­tate Deal Point Study 2019
A first glance sug­gests there were no ma­jor changes in the European in­vest­ment mar­ket in 2018, with the in­vest­ment volume be­ing roughly the same as in the pre­vi­ous year at around EUR 264bn. However...
07/10/2019
CMS European Real Es­tate Deal Point Study 2019
Real es­tate in­vest­ment mar­ket flat­lining at a high level Total in­vest­ment re­mains at pre­vi­ous year’s level.In­vestors forced to re­vise their in­vest­ment pref­er­ences: of­fice real es­tate still ahead, but...
27/09/2019
CMS ad­vises Com­merz Real on the largest Ger­man real es­tate trans­ac­tion...
Frank­furt/Main – Com­merz Real AG has ac­quired the Mil­len­ni­um port­fo­lio from Gen­er­ali Lebens­ver­sicher­ung AG for its open-ended real es­tate fund Haus­in­vest. The port­fo­lio com­prises 49 of­fice, res­id­en­tial...