Gold Tree Group, jointly with The BlueRock Fund, acquired the shares in ITB Office Leipzig BV from Netherlands-based real estate developer Ten Brinke. ITB Office Leipzig BV owns a property in Leipzig near the main railroad station, on which Deutsche Telekom operates a call center designed for 900 employees. Gold Tree and BlueRock were advised by lead partners Dr. Christoph Wetzler, Frankfurt, and Dr. Michael Albert, Düsseldorf, who had joined Heuking Kühn Lüer Wojtek from Orrick Herrington & Sutcliffe in the process of the transaction.
A contract including buyer financial participation had already been concluded in the spring. The acquisition was subsequently closed in November, after the second and last building section of the property had been completed.
Gold Tree Group is an international investor, headquartered in Zurich, which invests mainly in commercial real estate in Germany and Switzerland. BlueRock is a Gibraltar-based real estate fund launched by Swiss wealth managers. For both investors the transaction is an additional step in establishing their German portfolios.