Ashurst advised HIH Hamburgische Immobilien Handlung GmbH (HIH) on the acquisition of new Philips Germany headquarters in Hamburg and of the recently completed Siemens logistics centre in Krefeld. HIH acquired the commercial properties on behalf of an institutional investor. Both properties were sold by Hamburg-based real estate developer ECE.

Philips' new German headquarters in Hamburg-Fuhlsbüttel are scheduled for completion in fall 2015. The 65,000 square meter site will be home to the Philips Campus where all Hamburg-based employees of the group will be working. Siemens' storage and logistics center consists of two halls with a total rental space of 31,300 square metres as well as an office and social building of 1,100 square metres. It will serve as a central warehouse for the adjacent manufacturing facilities.

Both properties are being held by a closed investment limited partnership, structured and initiated by HIH Global Invest.

The Ashurst team was led by real estate partner Dr Liane Muschter. She was supported by senior associate Dr Hendrik Theismann as well as associates Hannes Riedel and Vivien Jöst (all real estate, Frankfurt). Partner Heiko Penndorf and senior associate Felix Krüger advised on tax aspects (both Frankfurt), while senior associate Maria Held from Ashurst's Munich office advised on competition law.