Salans LLP and Heisse Kursawe Eversheds have advised the real estate investment manager Invesco Real Estate GmbH (IRE) on its purchase of a real estate portfolio with a value of approximately EUR 218 million. Together with the French issuer CILOGER, IRE acquired ten newly built retail shopping centres with an overall rental area of 100,000 square metres. The deal constitutes one of the biggest transactions in the German segment of retail real estate in 2010.

The portfolio contains specialist stores and shopping centres in the cities of Kehl, Mannheim, Wolfsburg, Heiligenhaus, Büdelsdorf, Idstein, Peine, Soltau, Mühlheim and Hanau let on a long-term lease to chains including Aldi, C&A, Edeka, Kaufland, Lidl, Metro and Rewe. The portfolio’s weighted residual term of maturity is 14 years. 

Salans LLP, led by Frankfurt partner Dr. Ivana Ivana Mikešić, comprehensively advised the purchaser on the successful completion of the sales contract. Heisse Kursawe Eversheds carried out the due diligence and the financing of the transaction, under the direction of partners Thomas Ziegler and Dr. Stefan Diemer. 

IRE is the property investment management arm of the asset manager Invesco Ltd. The company currently manages worldwide assets of over USD 604.5 billion. 

CILOGER manages real estate funds on behalf of the French Association of Savings Banks and the French Post Office Bank. Its assets under management amount to approximately EUR 2.3 billion.