A team led by Hamburg-based partner Dr. Sönke Görgens advised WealthCap on the acquisition of the real estate portfolios Max and Merle, consisting of 17 properties. At a purchase price of about EUR 630 million, it is the largest (office) portfolio transaction of 2016. In addition to the contract negotiations and the comprehensive advice on matters pertaining to tax law and antitrust law, Heuking Kühn Lüer Wojtek, in particular, carried out the due diligence for all properties with a team from various offices. The seller of the portfolios was Savills Fund Management GmbH.
The real estate portfolios comprise an area of some 256,000 square meters and consist of office buildings in German metropolitan areas. The buildings are leased at around 90% and have an average remaining lease term of about five years.
The properties originate from three open-ended real estate funds in liquidation. Ten properties were part of the SEB ImmoInvest portfolio, six properties were held by SEB ImmoPortfolio Target Return Fund, and one office building was part of the SEB Global Property Fund.
WealthCap is a wholly-owned subsidiary of UniCredit Bank AG and is part of UniCredit's international network. It manages real estate assets of some EUR 9.2 billion. Heuking Kühn Lüer Wojtek advises WealthCap regularly, most recently on the acquisition of the BayWa high-rise in Munich.
Counsel to WealthCap
Heuking Kühn Lüer Wojtek:
Dr. Sönke Görgens (Real Estate and Lead),
Dr. Michael Dröge (Real Estate, Corporate),
Dr. Stefan Bretthauer (Antitrust),
Fabian G. Gaffron (Lead Tax), all Hamburg
Peter M. Schäffler (Tax), Munich
Dr. Kai Erhardt (Finance),
Dr. Hans Henning Hoff (Real Property Law), both Hamburg
Fabian Gerstner, LL.M. (Public Law), Munich
Gilbert Toepffer (Construction and Architects’ Law), Chemnitz