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CMS advises Cordea Savills on successful acquisition of two major office buildings in Hamburg

28/01/2015

Stuttgart – Düsseldorf-based Cordea Savills Invest GmbH has acquired two properties in Hamburg for its club deal “Spezialfonds” Cordea Savills Real Invest 1 in transactions worth more than EUR 100 million. Formerly the headquarters of Hamburger Sparkasse, Glockengießerwall 22 is a protected historic building offering 16,000 square metres of rental space, previously part of a joint venture portfolio held by Hamburg's Becken Group and US investment firm Castlelake. The second property is the fully let VTG Center in the south of the city, comprising 22,000 square meters of office space. The vendor here is a fund operated by a US bank.

A team from CMS Germany headed by lead partner Dr Volker Zerr advised Cordea Savills on both transactions with regard to all aspects of real estate and tax law and also on the financing. CMS has acted for the company in a number of real estate and M&A transactions in recent years, including advising on the acquisition of two major properties for the “Spezialfonds” in late summer of last year in transactions worth more than EUR 120 million.

Cordea Savills Invest has been licensed by the German regulator, BaFin, as an investment management company since January 2013. It is part of international real estate investment company Cordea Savills, which has gross assets under management of around EUR 6.7 billion. Including the latest acquisitions, Real Invest 1 now holds properties worth EUR 320 million.

CMS Hasche Sigle

Dr Volker Zerr, Lead Partner
Dr Franziska Rösch
Birgit Engel
Jacqueline Terhöven, all Real Estate & Public
Dr Peter Ruby
Dr Marc Seibold
Dr Georg Lauster, all Finance
Roland Wutzke
Tobias Schneider, both Tax Advice (CMS GmbH Steuerberatungsgesellschaft)

Press Contact
[email protected]

Publication
Press Release Cordea Savills, 30/01/2015
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