CMS Hasche Sigle advises BANIF on acquisition of a real estate portfolio

BANIF Inmobiliario, has acquired a real estate portfolio in Germany for a total 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.

The purchase agreements for the first three commercial properties in Berlin Mitte, Oldenburg and Ascheberg (Münsterland) were signed in November and December 2007 and paid for by the end of 2007. The total volume of these first three transactions was approximately EUR 35 million. Further acquisitions are planned for the near future using the German acquisition vehicle.

The first phase involved the acquisition of the "Kurt-Berndt-Höfe" close to the Hackescher Markt where the main tenants are H&M, who opened a shop for its COS brand there in autumn 2007, and the Goethe-Institut.

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.

BANIF's properties are managed in Germany by IC Immobilien Anlagen- und Consulting GmbH in Munich.

Advisers to BANIF Inmobiliario S.A.:

CMS Hasche Sigle (Berlin)

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

Contact CMS Hasche Sigle

Dr Andreas Otto 
Tel.: +49 (0) 30 / 203 60 - 1506 
E-mail: Andreas.Otto@cms-hs.com