Olswang, Freshfields among firms on major German real estate deal
Olswang's Berlin office has won a key role on Germany's largest commercial real estate deal so far this year, with Freshfields Bruckhaus Deringer also advising on the €740m (£652m) transaction. The deal, which has handed roles to a raft of law firms, saw Dundee International become the first-ever Canadian real estate investment trust (REIT) to enter the European market, investing around €740m in a German real portfolio.
August 25, 2011 at 07:03 AM
2 minute read
Olswang's Berlin office has won a key role on Germany's largest commercial real estate deal so far this year, with Freshfields Bruckhaus Deringer also acting on the €740m (£652m) transaction.
The deal, which has handed roles to a raft of law firms, has seen Dundee International become the first-ever Canadian real estate investment trust (REIT) to enter the European market, investing around €740m in a German real portfolio.
The portfolio, which comprises around 300 properties, is managed by Luxembourg-based Lorac Investment Management, which is owned by US private equity firm Lone Star.
Olswang advised Dundee with a real estate team led by German practice head Christian Schede, who joined the firm from Freshfields with the 11-strong team in 2009.
Freshfields initially took a lead role for Lone Star on the deal, although the two lead partners – Christoph Brenzinger and Alexander Goepfert – left the firm in July to join Noerr. The duo completed their work on the deal at their new firm, while Freshfields retained an involvement, with partner Frank Leidenklos advising.
Olswang worked closely with Canadian firm Osler Hoskin & Harcourt on the deal, while also taking advice from NautaDutilh in Luxembourg. On the seller side, Toronto firm Cassels Brock advised on Canadian aspects while magic circle firm Allen & Overy (A&O) also took a small role, advising Lone Star out of its Luxembourg office.
Slaughter and May's German ally Hengeler Mueller also took a key role, advising a banking consortium led by Societe General which provided secured debt financing for the deal. The firm's team was led by banking partner Martin Geiger.
Olswang's Schede (pictured) said: "We were very proud to be instructed on one of the most exciting and challenging real estate deals in Germany this year. For us, this really cements Olswang's position as a leading adviser in the German real estate market."
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