Ashurst advised a well-known international bank on the sale of a real estate portfolio consisting of 2,860 accommodation units and 57 industry units to TAG Immobilien AG at a purchase price of €70.5 million. The transaction was characterised by a complex sales structure and was carried out by way of an asset deal.

The properties are spread across different locations in the new federal states, i. e. Rostock, Dresden and Berlin. The largest single locations are Cottbus with 416 units as well as Dresden with 660 units. The rentable area is approximately 170,000 square meters whereas the current rent p. a. lies at around €8.6 million.

The Ashurst team was led by real estate partner Marc Bohne and senior associate Nicolas Deuerling. They were supported by associate Patricia Galts (all real estate). Partner Dr Klaus Herkenroth and associate Susanne Knoch advised on the tax aspects of the transaction (all Frankfurt).