Munich – Global property investment manager Invesco Real Estate has sold the Prime Four residential portfolio with locations in Berlin, Dresden, Frankfurt and Cologne to Real I.S. The portfolio comprises a total of around 69,400 square metres across some 760 residential units and 32 commercial units. In addition to Westside Tower in Frankfurt am Main, the properties include Prager Carrée in Dresden, Quartier Alexander in Berlin and the Merheim Ensemble in Cologne. The details of the transaction were not disclosed.
A CMS team led by partners Dr Oliver Thurn and Dr Stefan Höß advised Invesco Real Estate on all legal and tax aspects of the transaction. The advice related in particular to preparing and conducting the sale. Invesco is a longstanding CMS client and frequently relies on the firm’s expertise.
According to information provided by Real I.S., the transaction is the biggest asset deal so far in the company’s history. Constructed in 2015 and 2016, the four properties are almost fully let and provide some 57,400 square metres of residential space. A further 6,400 square metres are devoted to offices. Around 4,800 square metres are designated as retail space and roughly 900 square metres are for archive use.
Invesco Real Estate specialises in property investment and real estate asset management. It has been operating in the US since 1983 and since then has expanded its activities to the European and Asian markets. Invesco Real Estate manages global assets worth around EUR 71.1 billion and has more than 571 employees across 21 branches worldwide. The firm employs around 171 people in eight European offices located in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw. Invesco Real Estate manages assets totalling some EUR 13.0 billion in Europe, where it is currently invested in 172 properties in 14 countries, spread across all three commercial sectors as well as hotels and residential real estate. (Data current at 30 June 2020.)
Based in Munich, the Real I.S. Group is BayernLB’s fund services provider for real estate investment. The company is an affiliate of the Sparkassen-Finanzgruppe and describes itself as one of the leading asset managers in the German market. According to the firm’s own figures, it has assets under management of more than EUR 10 billion.
CMS Germany
Dr Oliver Thurn, Lead Partner
Anna-Lena Lill, Counsel
Karen Eldred, Senior Associate, all Corporate/M&A
Dr Stefan Höß, Lead Partner
Dr Katja Küpper, Counsel
Katharina Haidas, Counsel
Dr Hubert Schmid, Senior Associate
Dr Thomas Langer, Senior Associate, all Real Estate & Public
Dr Andreas Gerten, Counsel, Tax
Press Contact
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