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CMS Hasche Sigle advises BANIF and IC Real Estate group on acquisition of two department stores in Berlin

18/11/2008

BANIF Inmobiliario, has acquired two department stores in Berlin for the German real estate portfolio of five large Spanish insurance companies. The company, which specialises in real estate acquisition, belongs to Grupo Santander and is the real estate division of the Spanish private bank BANIF. BANIF Inmobiliario and its asset and property manager, the IC Real Estate group, were advised by a team of lawyers from CMS Hasche Sigle led by Berlin-based partner Dr Andreas Otto. The purchase price is around EUR 30 million. The seller is a British financial investor.

CMS Hasche Sigle advised BANIF Inmobiliario and IC Real Estate at the end of last year on a EUR 35 million transaction, involving the acquisition of three properties for insurance companies.

Dr Andreas Otto, who advises numerous Spanish companies in Germany said: "The transaction shows that Spanish investors are very active on the German market despite – or possibly even because of – the current crisis. They continue to regard Germany as a safe haven for real estate investment with potential for increasing returns on investment."

BANIF is a leading private bank in Spain and manages assets of EUR 40 billion. In 2007 the real estate division BANIF Inmobiliario advised clients on acquisitions with a value of over EUR 1.7 billion.

Advisers CMS Hasche Sigle:

Dr Andreas Otto (Lead Partner, Real Estate, Spanish Desk) 
Dr Nicolai Ritter (Real Estate) 
Jesko Nobiling (Tax) 
Dr Andreas van den Eikel (Real Estate) 
Philipp Spiller (Real Estate)

Contact CMS Hasche Sigle

Dr Andreas Otto 
Tel: +49 (0) 30/203 60 – 1506 
E-Mail: [email protected]