DLA Piper has advised publity AG on the disposal of a joint venture office property portfolio to a fund managed by J.P. Morgan Asset Management and LGT Capital Partners. The portfolio consists of four properties, two located in Greater Munich, the others in Cologne and Dusseldorf. The purchased assets were the Luxembourg companies owning the respective real estate.

DLA Piper's lawyers additionally advised on the closing of the transaction; the purchase price will remain undisclosed.

The joint venture acquired the individual properties in 2015. They were built between 2000 and 2003, have a total rentable area of approximately 100,000 sq.m, and are almost completely let. The high quality portfolio is characterized by an attractive multi-tenant structure, housing well-known tenants from a variety of industries, and boast good transport links.

At the beginning of 2018, publity's joint venture sold the headquarters of the electronics group, LG Electronics, located in Eschborn near Frankfurt, to a J.P. Morgan fund.

Leipzig-based publity AG is an established financial investor, having entered the market in 1999. It focusses on commercial real estate in larger German cities such as Frankfurt and Munich. The company currently manages a €4.6 billion asset portfolio, and boasts a track record of selling 600 German assets profitably to date.

The German DLA Piper team was led by Munich-based Real Estate partner, Lars Reubekeul, and Cologne-based Corporate partner, Dr Cornelius Frie. They were assisted by Frankfurt-based Finance & Projects partner, Dr Torsten Pokropp, and counsel Semin O, as well as Real Estate associate, Philipp Moser in Munich. In Luxembourg, Finance & Projects partner, Xavier Guzman, and associate, Rachida Benhalima, supported the team.