Clifford Chance advised various companies of an investment fund managed by the FREO Group on the sale of the prime portfolio to a fund managed by IVG Immobilien. The portfolio consists of three prime real estate projects, “ONE Goetheplaza”, an office and commercial property in Frankfurt am Main, which is a joint venture between FREO and AREA Property Partners, the Taunusanlage 11 (“T11”) property, a fully renovated office building in Frankfurt am Main, and Kurfürstendamm 195 (“Kudamm No 195”), an office and commercial complex in Berlin. The total value of the portfolio is around EUR 500 million.
This transaction represents one of the largest sale transactions of its kind on the German market in recent years for properties still under construction. The sale involved the sale of shareholdings in the companies holding equity interests in the properties.
The parties have agreed not to disclose any details of the purchase price. The transaction is subject to clearance by the antitrust authorities.
The FREO Group is a private equity company and fund manager specialised in the acquisition and development of commercial real estate in Germany. Headquartered in Luxembourg, FREO also maintains offices in Berlin, Frankfurt, Munich and Düsseldorf.
The Clifford Chance team comprised partner Dr. Christian Keilich, senior associates Henning Aufderhaar and Frederick Schneider, associate Dr. Philipp Stoecker (all Real Estate, Frankfurt), as well as partner Claudie Grisius, counsel Dunja Damjanovic-Pralong and senior associate Frédérique Davister (all Corporate, Luxembourg).
