With a team led by Dr. Sönke Görgens and Dr. Michael Dröge, both Partners at the Hamburg office, the law firm of Heuking Kühn Lüer Wojtek advised WealthCap on the acquisition of the BayWa AG headquarters in Munich (Arabellapark). The property was sold by BayWa AG and project developer Competo Capital GmbH. Both companies held 50% ownership. The purchase price was about EUR 280 million.
Built in 1969, the BayWa high-rise is currently being completely revitalized. Four levels and a newly developed campus building will be added. After remodeling, the Munich landmark property will offer some 54,000 square meters of floor space. International trading and services group BayWa AG will continue to use the high-rise on the Arabellapark site as its headquarters after completion of the remodeling work, which is expected for October 2017. BayWa AG has signed a lease for the building for at least 20 years with renewal options.
The business law firm of Heuking Kühn Lüer Wojtek advised WealthCap comprehensively on legal and tax matters as part of the forward deal. This included structuring the transaction, performing due diligence, and negotiating the limited partner share purchase contract with the sellers.
At an investment volume of EUR 1 billion since 2013, WealthCap is one of Munich’s largest office property investors. The company develops products for private investors and structuring solutions for the needs of professional investors. To date, the company counts more than 223,000 investors in 147 funds. Overall, invested equity amounts to some EUR 7.8 billion.
Counsel to WealthCap
Heuking Kühn Lüer Wojtek:
Dr. Sönke Görgens (Real Estate/Public Construction Law, Hamburg, Lead),
Dr. Michael Dröge (Corporate, Real Estate, Hamburg, Lead),
Fabian F. Gaffron (Tax Law, Corporate),
Gilbert Toepffer (Private Construction Law/Architects' Law, Chemnitz),
Dr. Kai Erhardt (Finance),
Dr. Stefan Bretthauer (Antitrust),
Dr. Christina Etzel (Corporate, Real Estate),
Julia Mischke (Corporate),
Vadim Bekichev (Real Estate, all Hamburg),
Dr. Annette Bruder (Tenancy Law, Munich);
Dr. Stefan Jöster (Insurance Law),
Dr. Susanne Stauder (Compliance, both Düsseldorf)
In-house WealthCap: Joachim Mur, Stefan Hloschek, and Angela Sturm