Real Estate

WFW advises BNP Paribas REIM Germany on acquisition of 13,500 sqm Berlin building

8 November 2016


International law firm Watson Farley & Williams (“WFW”) has advised BNP Paribas Real Estate Investment Management Germany (“BNP Paribas REIM”) on the acquisition of a building at Schönhauser Allee 120/122a in the hip Berlin district of Prenzlauer Berg. This is the second property BNP Paribas REIM has acquired for the Real Value Fund it launched together with Cording Real Estate Group (“Cording”). The building was sold by a joint venture in which Tristan Capital Partners LLP and caleus capital investors GmbH are both stakeholders. The parties have agreed not to disclose the purchase price.

The building, which dates from 1996 and was partly refurbished in 2016, has a total floor area of approx. 13,500 sqm over six floors, and provides approx. 3,000 sqm of retail premises, circa 8,500 sqm of office space, as well as additional storage and filing areas and underground carpark with a capacity of 158. BNP Paribas REIM anticipates increasing demand for office space close to Berlin city centre and believe significant profits can potentially be made by investing in modern properties in the area.

The Real Value Fund is a special real estate fund launched in 2015 by BNP Paribas REIM and Cording, which invests in commercial property located in popular locations in accordance with the German Collective Investment Schemes Act (Kapitalanlagengesetzbuch) with the aim of significantly increasing its value through consistent asset management. The equity commitments in place at the launch of the fund have since been doubled.

The WFW real estate team was led by Munich partner Bettina Krause. She was assisted by senior associate Eckrolf Berg and associate Roman Schneider. Partner Gerrit Bartsch and associate Timo Kopmann advised on the tax aspects of the transaction.