Stuttgart – Düsseldorf-based Cordea Savills Invest GmbH has acquired two further properties on behalf of Cordea Savills Real Invest 1, its special fund for institutional investors. The transaction value for the properties in Stuttgart and Essen exceeds EUR 120 million. The fund now holds equity commitments of more than EUR 160 million from German insurance companies.
A team from CMS Hasche Sigle led by lead partner Dr Volker Zerr advised the purchaser on all legal aspects of the transaction. Over the past eight years the law firm has acted on behalf of the Cordea Savills Group in many real estate deals and in M&A transactions.
The first new acquisition is the almost fully tenanted Friedrichs-Carré in Stuttgart, comprising some 20,000 square metres of office, retail, restaurant, storage and parking space. The vendor is Bayerische Apothekerversorgung, the Bavarian pension fund for pharmacists, represented by the Bayerische Versorgungskammer pension scheme. The second new acquisition is the Glückaufhaus building in Essen, which was built in 2009 behind a protected historic façade. It houses the headquarters of ifm electronic gmbh, an SME in the automation technology sector, together with restaurant facilities. The vendor is a local group of investors.
Cordea Savills Invest was approved as an investment management company by BaFin, the German financial regulator, in January 2013. It belongs to international real estate investment company Cordea Savills, which has gross assets under management of around EUR 6.4 billion. Cordea Savills Real Invest 1 is the company's first special fund under German law. It focuses on investment in relatively new office or mixed-use buildings in major German cities, with lot sizes between EUR 30 and 70 million.
CMS Hasche Sigle
Dr Volker Zerr, Lead Partner
Dr Franziska Rösch
Martin Filip, all Real Estate & Public
Dr Peter Ruby
Dr Marc Seibold
Dr Georg Lauster, all Finance