DLA Piper has advised HanseMerkur Grundvermögen AG on its acquisition of the BBG Office Center located on the Böblinger Flugfeld development site for the open-ended special AIF "HMG Grundwerte Deutschland Südwest."

The seller of the new office building completed in early 2017 and comprising some 7,400 square metres is Böblinger Baugesellschaft. At present, the property is fully let and the volume of the investment totals some EUR 12 million.

HanseMerkur Grundvermögen AG is a professional asset manager in charge of the real estate activities of the HanseMerkur Insurance Group. Founded in Hamburg in 2014, the company is responsible for the optimisation and substantial expansion of the insurance group's real estate portfolio. This involves establishing open-ended special real estate funds with a clear regional and sectoral focus.

Böblinger Baugesellschaft mbH is a municipal housing company with two shareholders, the town of Böblingen and the municipality of Schönaich. For 50 years, the company has been actively involved in the real estate market with an extensive programme of new building for current and non-current assets, and has been developing residential and commercial properties in the towns and municipalities of the region.

The Frankfurt-based DLA Piper Real Estate team was led by partner Fabian Mühlen, assisted by senior associates Dr Dennis Hog, associate Dr Heiner Feldhaus (Cologne) and transaction lawyer Konstantin Decker-Horz. They were supported by Tax senior associate Gitta Gehring, and Finance & Projects senior associate Lars Feddern based in Cologne.